<SEC-DOCUMENT>0000891092-12-000129.txt : 20120105
<SEC-HEADER>0000891092-12-000129.hdr.sgml : 20120105
<ACCEPTANCE-DATETIME>20120105101402
ACCESSION NUMBER:		0000891092-12-000129
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20111031
FILED AS OF DATE:		20120105
DATE AS OF CHANGE:		20120105
EFFECTIVENESS DATE:		20120105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust
		CENTRAL INDEX KEY:			0001343793
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		12509479

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>e46763ncsrs.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>
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<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: 10pt Times New Roman, Times, Serif; letter-spacing: normal">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: 10pt Times New Roman, Times, Serif; letter-spacing: normal">SECURITIES
AND EXCHANGE COMMISSION </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; letter-spacing: normal">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 77.75pt; text-align: center; text-indent: -77.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
N-CSR</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5pc; text-align: center; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
Company Act file number 811-21835</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name
of Fund: BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fund
Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name
and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Long-Term Municipal Advantage Trust, 55
East 52<SUP>nd</SUP> Street, New York, NY 10055</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s
telephone number, including area code: (800) 882-0052, Option 4</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of fiscal year end: 04/30/2012</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.5pc 3pc; text-indent: -3pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
of reporting period: 10/31/2011</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
1 &ndash; &nbsp;&nbsp;&nbsp;Report to Stockholders</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;&nbsp;</FONT></P>

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    <TD STYLE="width: 50%"> <IMG SRC="blackrocklogo.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; text-align: right; vertical-align: middle"><P> <B><FONT color="#231f20">October 31, 2011</FONT></B></P></TD></TR>
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<BR>

<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; margin-bottom: 72pt">
<FONT color="#231f20">BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT><BR>
<BR>
<FONT color="#231f20">BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT><BR>
<BR>
<FONT color="#231f20">BlackRock Municipal 2020 Term Trust (BKK)</FONT><BR>
<BR>
<FONT color="#231f20">BlackRock Municipal Income Trust (BFK)</FONT><BR>
<BR>
<FONT color="#231f20">BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT><BR>
<BR>
<FONT color="#231f20">BlackRock Strategic Municipal Trust (BSD)</FONT></P>
<P STYLE="text-align: center; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-right: 50%"><B>Not FDIC Insured &#149; No Bank Guarantee &#149; 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"> <FONT color="#394c87">Table of Contents</FONT></P>
<P 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></P>
<TABLE border=0 width=100% cellspacing=0 style="font-family: 'Arial';font-size: 10pt;">
<TR>
     <TD width=73%></TD>
     <TD width=26%></TD></TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_001">Dear Shareholder</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">3</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <B><FONT color="#231f20">Semi-Annual Report:</FONT></B></TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_002">Municipal Market Overview</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">4</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#page_5">Trust Summaries</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">5</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_004">The Benefits and Risks of Leveraging</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">11</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_005">Derivative Financial Instruments</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">11</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20">Financial Statements</FONT></TD>
     <TD align=left> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD align=left style="TEXT-INDENT:6pt"> <FONT color="#231f20"><A HREF="#a_006">Schedules of Investments</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">12</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left style="TEXT-INDENT:6pt"> <FONT color="#231f20"><A HREF="#a_007">Statements of Assets and Liabilities</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">37</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left style="TEXT-INDENT:6pt"> <FONT color="#231f20"><A HREF="#a_008">Statements of Operations</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">38</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left style="TEXT-INDENT:6pt"> <FONT color="#231f20"><A HREF="#a_009">Statements of Changes in Net Assets</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">39</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left style="TEXT-INDENT:6pt"> <FONT color="#231f20"><A HREF="#a_010">Statement of Cash Flows</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">41</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_011">Financial Highlights</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">42</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_012">Notes to Financial Statements</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">48</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_013">Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">55</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_014">Officers and Trustees</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">59</FONT></TD> </TR>
<TR valign="bottom">
     <TD align=left> <FONT color="#231f20"><A HREF="#a_015">Additional Information</A></FONT></TD>
     <TD align=right> <FONT color="#231f20">60</FONT></TD> </TR> </TABLE><BR>
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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color="#394c87"><A NAME="a_001"></A>Dear Shareholder</FONT></P>
<P style="text-align: left;"><FONT STYLE="color: #231f20">One year ago, the global economy appeared to solidly be in
recovery mode and investors were optimistic as the US Federal Reserve launched its second round of quantitative easing. Stock
markets rallied despite ongoing sovereign debt problems in Europe and inflationary pressures looming over emerging markets.
Fixed income markets, however, saw yields move sharply upward (pushing prices down), especially on the long end of the
historically steep yield curve. While high yield bonds benefited from the risk rally, most fixed income sectors declined in
the fourth quarter of 2010. The tax-exempt municipal market faced additional headwinds as it became evident that the Build
America Bond program would not be extended and municipal finance troubles burgeoned.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">Early 2011 saw spikes of volatility as political turmoil swept across the Middle East/North Africa region and prices of oil and other commodities soared. Natural disasters in Japan disrupted industrial supply chains and concerns mounted regarding US debt and deficit issues. Nevertheless, equities generally performed well early in the year as investors chose to focus on the continuing stream of strong corporate earnings and positive economic data. Credit markets were surprisingly resilient in this environment and yields regained relative stability in 2011. The tax-exempt market saw relief from its headwinds and steadily recovered from its fourth-quarter lows. Equities, commodities and high yield bonds outpaced higher-quality assets as investors increased their risk tolerance.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">However, the environment changed dramatically in the middle of the second quarter. Markets dropped sharply in May when fears mounted over the possibility of Greece defaulting on its debt, rekindling fears about the broader sovereign debt crisis. Concurrently, economic data signaled that the recovery had slowed in the United States and other developed nations. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. On August 5th, Standard &amp; Poor&#146;s downgraded the US government&#146;s credit rating and turmoil erupted in financial markets around the world. Extraordinary levels of volatility persisted in the months that followed as Greece teetered on the brink of default. Financial problems intensified in Italy and Spain and both countries faced credit rating downgrades. Debt worries spread to the core European nations of France and Germany, and the entire euro-zone banking system came under intense pressure. Late in the summer, economic data out of the United States and Europe grew increasingly bleak while China and other emerging economies began to show signs of slowing growth. By the end of the third quarter, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries, gold and the Swiss franc skyrocketed.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">October brought enough positive economic data to assuage fears of a double-dip recession in the United States and corporate earnings continued to be strong. Additionally, European policymakers demonstrated an increased willingness to unite in their struggle to resolve the region&#146;s debt and banking crisis. These encouraging developments brought many investors back from the sidelines and risk assets rallied through the month, albeit with large daily swings as investor reactions to news from Europe vacillated between faith and skepticism.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">Overall, lower-risk investments including US Treasuries, municipal securities and investment grade credits posted gains for the 6- and 12-month periods ended October 31, 2011. Risk assets, including equities and high yield debt, broadly declined over the six months; however, US stocks and high yield bonds remained in positive territory on a 12-month basis. Continued low short-term interest rates kept yields on money market securities near their all-time lows. While markets remain volatile and uncertainties abound, BlackRock remains dedicated to finding opportunities and managing risk in this environment.</FONT></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: 0pt"><B>Rob Kapito<br></B>President, BlackRock Advisors, LLC<BR>
<BR>
</P>
</DIV><DIV style="margin-left: 2%; width: 38%; float: right;">
<IMG src="a46702x3x1.jpg" border=0>
<BR>
<P style="text-align: left;"><FONT STYLE="color: #231f20"><I>&#147;While markets remain volatile and uncertainties abound, BlackRock
remains dedicated to finding opportunities and managing risk in this environment.</I>&#148;</FONT></P>
<P style="text-align: left;"> <B><FONT color="#231f20">Rob Kapito</FONT></B></P>
<P style="text-align: left;"> <FONT color="#231f20">President, BlackRock Advisors, LLC</FONT></P>
<P STYLE="text-align: left; border-top: rgb(57,76,165) 2pt solid; padding-top: 12pt"> <B><FONT color="#231f20">Total Returns as of October 31, 2011</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 54%"></TD>
     <TD STYLE="width: 16%"></TD>
     <TD STYLE="width: 7%"></TD>
     <TD STYLE="width: 16%"></TD>
     <TD STYLE="width: 7%"></TD></TR>
<TR valign="bottom">
     <TD STYLE="background-color: #231f20; text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD COLSPAN="2" STYLE="background-color: #231f20; border-bottom: #000000 1px solid; text-align: center"> <FONT color="#ffffff">6-month</FONT></TD>
     <TD COLSPAN="2" STYLE="background-color: #231f20; border-bottom: #000000 1px solid; text-align: center"> <FONT color="#ffffff">12-month</FONT></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">US large cap equities</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(7.11</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)%</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">8.09</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">%</FONT></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">(S&amp;P 500</FONT><SUP><FONT color="#231f20">&#174; </FONT></SUP><FONT color="#231f20">Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">US small cap equities</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(13.76</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">6.71</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">(Russell 2000</FONT><SUP><FONT color="#231f20">&#174; </FONT></SUP><FONT color="#231f20">Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">International equities</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(14.90</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(4.08</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">(MSCI Europe, Australasia,</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Far East Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">Emerging market</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(15.91</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(7.72</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">equities (MSCI Emerging</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Markets Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">3-month Treasury</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">0.04</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">0.13</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">bill (BofA Merrill Lynch</FONT></TD>
     <TD STYLE="text-align: 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"> <FONT color="#231f20">3-Month Treasury</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Bill Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">US Treasury securities</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">12.11</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">7.79</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">(BofA Merrill Lynch 10-</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Year US Treasury Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">US investment grade</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">4.98</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">5.00</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">bonds (Barclays</FONT></TD>
     <TD STYLE="text-align: 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"> <FONT color="#231f20">Capital US Aggregate</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Bond Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">Tax-exempt municipal</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">5.56</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">3.78</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">bonds (Barclays Capital</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Municipal Bond Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left; padding-top: 3pt"> <FONT color="#231f20">US high yield bonds</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">(0.95</FONT></TD>
     <TD STYLE="text-align: left"> <FONT color="#231f20">)</FONT></TD>
     <TD STYLE="text-align: right"> <FONT color="#231f20">5.16</FONT></TD>
     <TD STYLE="text-align: left"> &nbsp;</TD> </TR>
<TR valign="bottom">
     <TD STYLE="text-align: left"> <FONT color="#231f20">(Barclays Capital US</FONT></TD>
     <TD STYLE="text-align: 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"> <FONT color="#231f20">Corporate High Yield 2%</FONT></TD>
     <TD STYLE="text-align: 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; border-bottom: #000000 1px solid; padding-bottom: 3pt"> <FONT color="#231f20">Issuer Capped Index)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: #000000 1px solid"> &nbsp;</TD> </TR> </TABLE><BR>
<P style="text-align: left;"> <FONT color="#231f20">Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</FONT></P>

<P STYLE="text-align: left; border-top: rgb(57,76,165) 2pt solid; padding-top: 12pt"><FONT STYLE="color: #231f20">&nbsp;&nbsp;</FONT></P>
</div><br style="clear:both">
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<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"> <FONT color="#394c87"><A NAME="a_002"></A>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, 2011</FONT></B></P>
<P style="text-align: left;"> <FONT color="#231f20">At the outset of the 12-month period, the municipal bond market was faced with a &#147;perfect storm&#148; of events that ultimately resulted in losses for the fourth quarter of 2010 at a level not seen since the Fed tightening cycle of 1994. US Treasury yields lost support due to concerns over the federal deficit and municipal valuations suffered a quick and severe setback, as it became evident the Build America Bond (&#147;BAB&#148;) program would expire at the end of 2010. The program had opened the taxable market to municipal issuers, successfully alleviating supply pressure in the traditional tax-exempt marketplace and bringing down yields in that space.</FONT></P>
<IMG src="a46702x4x1.jpg" border=0>
<BR>
<P style="text-align: left;"> <FONT color="#231f20">Towards the end of 2010, news about municipal finance troubles mounted and damaged confidence among retail investors. From mid-November through year end, weekly outflows from municipal mutual funds averaged over &#36;2.5 billion. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity sapped willful market participation from the trading community. December brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the BAB program was retired. This supply-demand imbalance led to wider quality spreads and higher yields.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling &#36;35.1 billion before the trend finally broke in June. Weak demand has been counterbalanced by lower supply in 2011. According to Thomson Reuters, year-to-date through October, new issuance was down 34% compared to the same period last year. Higher interest rates during the first quarter, fiscal policy changes and a reduced need for municipal borrowing were among the factors that deterred issuers from bringing new deals to the market. In this positive technical environment, the S&amp;P/Investortools Main Municipal Bond Index returned 8.05% for the first ten months of 2011, as municipal bonds outperformed most other fixed income asset classes year-to-date.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">On August 5th, Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) downgraded the US government credit rating from AAA to AA+, leading to the downgrade of approximately 11,000 municipal issues directly linked to the US debt rating. Nevertheless, the municipal market posted solid gains for the month of August, aided primarily by an exuberant Treasury market, severe volatility in US equities and continued supply constraint in the primary municipal market. Increased demand from both traditional and non-traditional buyers pushed long-term municipal bond yields lower, resulting in a curve-flattening trend that continued through period end.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">Overall, the municipal yield curve flattened during the period from
October 31, 2010 to October 31, 2011. As measured by Thomson Municipal Market Data, yields declined by 11 basis points
(&#147;bps&#148;) to 3.75% on AAA quality-rated 30-year municipal bonds and by 12 bps to 2.39%, on 10-year bonds, while
yields on 5-year issues rose 6 bps to 1.26%. With the exception of the 2- to 5-year range, the yield spreads between
maturities decreased over the past year. The most significant decrease was seen in the 5- to 10-year range, where the spread
tightened by 18 bps, while the overall slope between 2- and 30-year maturities decreased by 9 bps to 3.31%.</FONT></P>
<P style="text-align: left;"> <FONT color="#231f20">The fundamental picture for municipalities is improving. Austerity is the general theme across the country, while a small number of states continue to rely on the &#147;kick the can&#148; approach to close their shortfalls, using aggressive revenue projections and accounting gimmicks. It has been nearly a year since the first highly publicized interview about the fiscal problems plaguing state and local governments. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. According to S&amp;P&#146;s, municipal defaults in 2011 are down 69% compared to the same period in 2010. Year-to-date monetary defaults in the S&amp;P/Investortools Main Municipal Bond Index total roughly &#36;750 million, representing less than 0.5% of the index. 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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"> <FONT color="#231f20">Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</FONT></P>
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<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)"><A NAME="a_004"></A>Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid">
<B><FONT color=#394c87>BlackRock Investment Quality Municipal Trust Inc.</FONT></B></TD></TR></TABLE><br>
<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"><FONT STYLE="color: #231f20"><B>BlackRock Investment Quality Municipal Trust Inc.&#146;s (BKN) (the
&#147;Trust&#148;)</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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 15.87% based on market price and 13.82% based on net asset value (&#147;NAV&#148;). For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General &amp; Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust'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. As the municipal yield curve moved lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most), the Trust benefited from its slightly long duration bias (preference for securities with a higher sensitivity to interest rate movements) and its positioning toward the longer end of the municipal yield curve (preference for bonds with longer-dated maturities). The Trust also benefited from its holdings in tax-backed, development district and health care bonds. Detracting from performance were the Trust&#146;s exposures to the housing and corporate-related sectors, which underperformed the broader municipal bond market for the six-month period.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on New York Stock Exchange (&#147;NYSE&#148;)</FONT></TD>
     <TD ALIGN="CENTER" STYLE="text-align: right"><FONT STYLE="color: #231f20">BKN</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="2"><FONT STYLE="color: #231f20"></FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>February 19, 1993</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($14.61)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6.90</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10.62</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.084</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>1.008</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>36</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
</FONT>&nbsp;&nbsp;</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The distribution rate is not constant and is subject
to change.&nbsp;&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents Auction Market Preferred Shares (&#147;AMPS&#148;)
and tender option bond trusts (&#147;TOBs&#148;) 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 11.&nbsp;&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>10/31/11</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B>4/30/11</B></TD>
     <TD COLSPAN="2" STYLE="TEXT-INDENT: 8px; border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>14.61</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.08</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11.70</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>14.74</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12.80</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.99</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.75</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>9.73</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>14.32</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.75</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>10/31/11</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>27</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>27</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tobacco</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>10/31/11</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>19</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>B</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>CCC/Caa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;)
or Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $11,387,834,
representing 3%, and $8,694,533, representing 2%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>

<!-- Field: Page; Sequence: 5 --> <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV> <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->

<A name="page_6"></A><BR>

<BR>
<P style="TEXT-ALIGN: left"><B><FONT color=#394c87></FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)">Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid">
<B><FONT color=#394c87>BlackRock Long-Term Municipal Advantage Trust</FONT></B></TD></TR></TABLE><br>
<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"><FONT STYLE="color: #231f20"><B>BlackRock Long-Term Municipal Advantage Trust&#146;s (BTA) (the &#147;Trust&#148;)
</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 has economic exposure to additional municipal bonds through its
ownership of residential interest in tender option bonds, which are rated investment quality. 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'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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 11.66% based on market price and 11.82% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General &amp; Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust's discount 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 performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust&#146;s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and tobacco had a positive impact on performance, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on NYSE</FONT></TD>
     <TD ALIGN="CENTER" STYLE="text-align: right"><FONT STYLE="color: #231f20">BTA</FONT></TD>
     <TD ALIGN="CENTER" COLSPAN="2">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>February 28, 2006</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($11.00)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7.04</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10.83</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.0625</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.7740</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>37</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">A change in the distribution rate was declared on November
1, 2011. The monthly Distribution per Common Share increased to $0.0645. The distribution rate is not constant and is subject
to change.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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 11.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-indent: 8px; text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>11.00</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>10.20</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7.84</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>11.42</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;&nbsp;<FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>&nbsp;&nbsp;9.86</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT color=#231f20>11.35</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT color=#231f20>10.51</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>7.99</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT color=#231f20>11.54</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT color=#231f20>10.51</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Tobacco</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>22</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>22</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>B</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>7</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Through its investment in TOBs, the Trust has economic
exposure to investment grade bonds.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>7&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $3,292,790
and $3,226,983, each representing 1%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 6; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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>

<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)">Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid"> <B><FONT color=#394c87>BlackRock
     Municipal 2020 Term Trust</FONT></B></TD></TR></TABLE><br><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"><FONT STYLE="color: #231f20"><B>BlackRock Municipal 2020 Term Trust&#146;s (BKK) (the &#147;Trust&#148;)
</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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objectives will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 5.17% based on market price and 8.06% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General &amp; Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust'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. The Trust benefited from interest rates moving lower across the municipal yield curve during the period, bond prices rise as their yields fall. The Trust&#146;s exposure to zero-coupon bonds had a positive impact on performance as these issues outpaced other coupon structures in the broad market rally. Also boosting returns was exposure to lower-quality issues, which outperformed higher-quality municipal bonds during the period. The Trust is managed to a 2020 termination date and therefore generally maintains a shorter maturity profile than its Lipper category competitors. This shorter maturity profile was a disadvantage 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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on NYSE</FONT></TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">BKK</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>September 30, 2003</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Termination Date (on or about)</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>December 31, 2020</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($15.46)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4.83</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7.43</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.06225</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.74700</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>36</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
</FONT>&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The distribution rate is not constant and is subject
to change.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents AMPS 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 11.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1px solid; text-align: center"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>15.46</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>15.06</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2.66</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>15.70</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>14.85</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>15.43</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>14.63</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5.47</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>15.73</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>14.63</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>19</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tobacco</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>20</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>B</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>CCC/Caa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>7</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $15,463,770,
representing 3%, and $11,262,007, representing 2%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>

<!-- Field: Page; Sequence: 7 --> <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV> <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->

<A name="page_8"></A><BR>

<BR>
<P style="TEXT-ALIGN: left"><B><FONT color=#394c87></FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)">Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid"> <B><FONT color=#394c87>BlackRock
     Municipal Income Trust</FONT></B></TD></TR></TABLE>
<br><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"><FONT STYLE="color: #231f20"><B>BlackRock Municipal Income Trust&#146;s (BFK) (the &#147;Trust&#148;)
</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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objective will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 16.00% based on market price and 13.89% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General &amp; Insured Municipal Debt Funds (Leveraged) category. All returns reflect reinvestment of dividends. The Trust'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 performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust&#146;s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health and tobacco had a positive impact on performance, as did holding only minimal exposure to pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on NYSE</FONT></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><FONT color=#231f20>BFK</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>July 27, 2001</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($13.81)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6.96</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10.71</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.0801</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.9612</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>38</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The distribution rate is not constant and is subject
to change.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents AMPS 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 11.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.81</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12.35</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11.82</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.89</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12.30</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.35</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.16</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>9.79</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.59</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.16</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>19</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>20</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tobacco</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>24</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>B</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>CCC/Caa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>C</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $29,755,503
and $28,787,350, each representing 3%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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_9></A><BR>

<BR>
<P style="TEXT-ALIGN: left"><B><FONT color=#394c87></FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)">Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid">
<B><FONT color=#394c87>BlackRock Pennsylvania Strategic Municipal Trust</FONT></B></TD></TR></TABLE>

<BR><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"><FONT STYLE="color: #231f20"><B>BlackRock Pennsylvania Strategic Municipal Trust&#146;s (BPS) (the
&#147;Trust&#148;)</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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objectives will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 8.01% based on market price and 11.20% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 9.40% based on market price and 9.06% based on NAV. All returns reflect reinvestment of dividends. The Trust's discount 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. As the municipal yield curve moved lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most), the Trust benefited from its slightly long duration bias (preference for securities with a higher sensitivity to interest rate movements) and its positioning toward the longer end of the municipal yield curve (preference for bonds with longer-dated maturities). The Trust generated a high level of income accrual during the period by improving the coupon structure of its portfolio and maintaining a low level of cash reserves. In addition, the Trust sought investments with valuations that remain attractive relative to their level of credit risk. Given the broad rally in the municipal market during the period, most sectors performed well. However, the Trust was exposed to short-term securities, which rallied less as the yield curve flattened, and pre-refunded securities, which had little room to rally from their near-zero rates.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on NYSE Amex</FONT></TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">BPS</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>August 25, 1999</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($13.57)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6.72</FONT></TD>
     <TD STYLE="text-align: left"><FONT STYLE="color: #231f20">%&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10.34</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.076</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.912</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>43</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
</FONT>&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The distribution rate is not constant and is subject
to change.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents AMPS 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 11.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.57</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12.99</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4.46</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>14.45</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12.79</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>14.10</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.11</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>7.55</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>14.42</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.11</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>33</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>32</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>59</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>48</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $1,734,359,
representing 4%, and $486,340, representing 1%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>

<!-- Field: Page; Sequence: 9 --> <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV> <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_10"></A><BR>

<BR>
<P style="TEXT-ALIGN: left"><B><FONT color=#394c87></FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; width: 56%; font-size: 14pt; color: rgb(57,76,135)">Trust Summary
<FONT STYLE="font-size: 10pt">as of October 31, 2011</FONT></TD>
     <TD STYLE="text-align: right; width: 44%; font: 8pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,135) 4pt solid">
<B><FONT color=#394c87>BlackRock Strategic Municipal Trust</FONT></B></TD></TR></TABLE><BR>

<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"><FONT STYLE="color: #231f20"><B>BlackRock Strategic Municipal Trust&#146;s (BSD) (the &#147;Trust&#148;)
</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, 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 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.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>No assurance can be given that the Trust&#146;s investment objectives will be achieved.</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>Performance</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the Trust returned 17.19% based on market price and 11.78% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.60% based on market price and 11.08% based on NAV. During the period, Lipper combined the General Municipal Debt Funds (Leveraged) and Insured Municipal Debt Funds (Leveraged) categories into one General &amp; Insured Municipal Debt Funds (Leveraged) category. 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. The Trust performed well due to its yield-curve-flattening bias and duration positioning. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, the Trust&#146;s holdings generated a high distribution yield, which in the aggregate had a meaningful impact on returns. Sector concentrations in health care and tobacco had a positive impact on performance, as did holding only minimal exposure to pre-refunded and escrowed issues, which underperformed the broader market. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed for the six-month period.</FONT></P>
<P STYLE="text-align: left; font-size: 8pt; margin-left: 16pt"><FONT color=#231f20>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.</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>Trust Information</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Symbol on NYSE</FONT></TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">BSD</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Initial Offering Date</FONT></TD>
     <TD align=center colSpan=3><FONT color=#231f20>August 25, 1999</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Yield on Closing Market Price as of October 31, 2011 ($13.45)</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6.60</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tax Equivalent Yield</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10.15</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Monthly Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.074</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Current Annualized Distribution per Common Share</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="text-align: right">$<FONT color=#231f20>0.888</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Leverage as of October 31, 2011</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>38</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Tax equivalent yield assumes the maximum federal tax
rate of 35%.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The distribution rate is not constant and is subject
to change.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents AMPS 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 11.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 25%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Change</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>High</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Low</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Market Price</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.45</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>11.88</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13.22</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%&nbsp;&nbsp;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>13.58</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>11.85</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Net Asset Value</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.25</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.27</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>7.99</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>13.51</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12.27</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</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>Sector Allocations</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Health</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>25</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transportation</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Education</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Corporate</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Utilities</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County/City/Special District/School District</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tobacco</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Housing</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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 Allocations</FONT></B><B><SUP><FONT color=#394c87>5</FONT></SUP></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 74%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></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: center"><B><FONT STYLE="color: #231f20">10/31/11</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">4/30/11</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AAA/Aaa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AA/Aa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>A</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BBB/Baa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>20</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BB/Ba</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>B</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>CCC/Caa</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Not Rated</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The investment advisor has deemed certain of these securities
to be of investment grade quality. As of October 31, 2011 and April 30, 2011, the market value of these securities was $3,810,508,
representing 3%, and $3,150,431, representing 2%, respectively, of the Trust&#146;s long-term investments.&nbsp;</FONT></TD></TR></TABLE>

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<A name="page_11"></A><BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><FONT color=#394c87>The Benefits and Risks of Leveraging</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Trusts may utilize leverage to seek to enhance the yield and NAV of their common shares (&#147;Common Shares&#148;). However, these objectives cannot be achieved in all interest rate environments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>To leverage, the Trusts, except for BTA, issue AMPS, which pay dividends at prevailing short-term interest rates, and 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&#146;s shareholders will benefit from the incremental net income.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>To illustrate these concepts, assume a Trust&#146;s Common Shares capitalization is $100 million and it issues AMPS 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 AMPS based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from AMPS issuance earn the income based on long-term interest rates. In this case, the dividends paid to holders of AMPS (&#147;AMPS Shareholders&#148;) are significantly lower than the income earned on the Trust&#146;s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146;s total portfolio earns income based on lower long-term interest rates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Furthermore, the value of the Trusts&#146; 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&#146; AMPS does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts&#146; NAVs positively or negatively in addition to the impact on Trust performance from leverage from AMPS discussed above.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20">The Trusts may also leverage their assets through the use of TOBs,
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 AMPS 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&#146;s NAV
per share.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146; 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&#146; 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&#146;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&#146;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 AMPS 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Under the Investment Company Act of 1940, the Trusts are permitted to issue AMPS in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from AMPS and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of October 31, 2011, the Trusts had economic leverage from AMPS and/or TOBs as a percentage of their total managed assets as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 86%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 6%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Percent of</FONT></B><BR>
<B>Leverage</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>36</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>37</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>36</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>38</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>43</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>38</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-size: 14pt; border-top: rgb(57,76,165) 4pt solid"><A NAME="a_005"></A><FONT color=#394c87>Derivative Financial Instruments</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20">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 and/or interest rate 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&#146; ability to use a derivative financial
instrument successfully depends on the investment advisor&#146;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&#146; investments in these instruments are discussed in detail
in the Notes to Financial Statements.</FONT></P>

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<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-top: Black 1pt solid">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV> <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=--> <BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 14pt">
<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD NOWRAP STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><A NAME="a_006"></A>Schedule of
     Investments <FONT STYLE="font-size: 10pt">October 31, 2011&nbsp;(unaudited)<BR>
     </FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD NOWRAP STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<FONT STYLE="color: #394c87; font-size: 10pt"><B>
BlackRock Investment Quality Municipal Trust Inc. (BKN)</B></font><br><FONT STYLE="color: #394c87; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></font></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Alabama &#151; 3.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Birmingham Special Care Facilities Financing Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Children&#146;s Hospital (AGC):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 6/01/34</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,745</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,928,033</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 6/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>547,915</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Birmingham Water Works Board, RB, 4.75%, 1/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,150</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,196,620</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Hoover City Board of Education, GO, Refunding,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.25%, 2/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,050</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,020,080</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,692,648</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arizona &#151; 7.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Arizona Sports &amp; Tourism Authority, RB, Multipurpose</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Stadium Facilities, Series A (NPFGC), 5.00%, 7/01/31</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,750</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,705,862</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Arizona State University, RB, Series D, 5.50%, 7/01/26</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>475</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>531,891</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Mohave County Unified School District No. 20 Kingman,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>GO, School Improvement Project of 2006, Series C</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(AGC), 5.00%, 7/01/26</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,800</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,946,142</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Pima County IDA, Refunding IDRB, Tucson Electric Power,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 9/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,375</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,405,621</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Salt Verde Financial Corp., RB, Senior:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,035</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>952,635</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,585</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,151,580</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Luis Facility Development Corp., RB, Senior Lien,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Regional Detention Center Project:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.25%, 5/01/15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>405</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>393,753</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.00%, 5/01/20</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>490</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>482,875</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.25%, 5/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>980</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>881,745</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Arizona, COP, Department of Administration,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series A (AGM), 5.00%, 10/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,100</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,142,933</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University Medical Center Corp. Arizona, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,612,672</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.50%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>750</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>779,228</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>16,986,937</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arkansas &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Rogers Arkansas, RB, Sales &amp; Use Tax:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.00%, 11/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>594,402</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.13%, 11/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>592,752</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,187,154</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 28.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>California County Tobacco Securitization Agency, RB, CAB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,090</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>71,467</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Educational Facilities Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.00%, 2/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,133,770</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Health Facilities Financing Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left colSpan=2><FONT color=#231f20>Refunding RB, Sutter Health, Series B, 5.88%, 8/15/31</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,300</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,483,954</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Carlsbad Unified School District, GO, Election of 2006,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series B, 6.00%, 5/01/34 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,015,395</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of San Jose California, RB, Series A-1, AMT,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 3/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,131,820</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California (concluded)</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Sacramento California, RB, Senior Series A</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(AGM), 5.00%, 7/01/41</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,100</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,136,771</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dinuba Unified School District, GO, Election</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>of 2006 <FONT color=#231f20>(AGM):</FONT></FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.63%, 8/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>250</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>274,730</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.75%, 8/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>535</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>591,571</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Foothill Eastern Transportation Corridor Agency California,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.75%, 1/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,495</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,147,352</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>CAB, 5.88%, 1/15/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,948,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Hartnell Community College District California, GO, CAB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Election of 2002, Series D, 7.39%, 8/01/34 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,475</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,399,216</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Altos Elementary School District, GO, CAB, Election</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>of 1998, Series B (NPFGC), 5.93%, 8/01/24 (a)(c)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,945</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,800,522</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Norwalk-La Mirada Unified School District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding, CAB, Election of 2002, Series E (AGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>6.47%, 8/01/38 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,190,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Palomar Community College District, GO, CAB, Election</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>of 2006, Series B:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.09%, 8/01/30 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,270</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>703,042</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.33%, 8/01/39 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,331,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Diego Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>CAB, Election of 2002, 6.38%, 8/01/19 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,200</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,764,902</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of California, GO:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,625</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,613,690</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Refunding (CIFG), 4.50%, 8/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>990,530</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose, 5.75%, 4/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,269,640</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose, 6.00%, 3/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,270</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,554,658</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose, 6.50%, 4/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,900</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,381,429</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose, 5.50%, 3/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,820,966</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose (CIFG), 5.00%, 3/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,025,550</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Various Purpose (NPFGC), 5.00%, 6/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,004,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of California, RB, Limited Project, Series B,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>4.75%, 5/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,050</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>2,061,644</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>66,847,679</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Park Creek Metropolitan District, Refunding RB, Senior</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Limited Property Tax (AGM), 6.00%, 12/01/38</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,617,450</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Connecticut &#151; 2.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Connecticut State Health &amp; Educational Facility</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Hartford Healthcare, Series A, 5.00%, 7/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,140</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,151,256</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Lawrence &amp; Memorial Hospital, Series,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 7/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,900</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,911,457</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Sacred Heart University, Series G, 5.38%, 7/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>613,344</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Western Connecticut Health, Series M,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.38%, 7/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,300</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,342,952</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,019,009</FONT></TD></TR></TABLE><BR>
<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>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 42%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 42%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>ACA</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>American Capital Access Corp.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>HFA</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Housing Finance Agency</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AGC</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Assured Guaranty Corp.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>HRB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Housing Revenue Bonds</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AGM</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Assured Guaranty Municipal Corp.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>IDA</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Industrial Development Authority</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMBAC&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>American Municipal Bond Assurance Corp.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>IDB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Industrial Development Board</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMT</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Alternative Minimum Tax (subject to)</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>IDRB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Industrial Development Revenue Bonds</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>ARS</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Auction Rate Securities</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>ISD</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Independent School District</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>CAB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Capital Appreciation Bonds</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>MRB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Mortgage Revenue Bonds</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>CIFG</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>CDC IXIS Financial Guaranty</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>NPFGC</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>National Public Finance Guarantee Corp.</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>COP</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Certificates of Participation</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>PILOT</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Payment in Lieu of Taxes</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>EDA</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Economic Development Authority</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>PSF-GTD&nbsp;</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Permanent School Fund Guaranteed</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>EDC</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Economic Development Corp.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>RB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Revenue Bonds</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>ERB</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Economic Revenue Bonds</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>SAN</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>State Aid Notes</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>FGIC</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Financial Guaranty Insurance Co.</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>S/F</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Single Family</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>GO</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>General Obligation Bonds</FONT></TD>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Syncora&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Syncora Guarantee</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>HDA</FONT></B></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Housing Development Authority</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>

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<TR STYLE="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)">Schedule of Investments (continued)<BR>
     <FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<FONT STYLE="color: #394c87; font-size: 10pt"><B>
BlackRock Investment Quality Municipal Trust Inc. (BKN)</B></font><br><FONT STYLE="color: #394c87; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></font></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Delaware &#151; 0.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Sussex Delaware, RB, NRG Energy, Inc.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Indian River Project, 6.00%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,800</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,810,530</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>District of Columbia &#151; 1.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>District of Columbia Tobacco Settlement Financing Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Refunding RB, Asset-Backed, 6.50%, 5/15/33</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>3,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>3,636,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Florida &#151; 12.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Lee Florida, Refunding, RB, Series A, Lee Airport</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(AGM), 5.00%, 10/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,946,150</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Miami-Dade Florida, RB, CAB, Sub-Series A</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(NPFGC) (a):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.20%, 10/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,225</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,050,884</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.68%, 10/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,288,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.21%, 10/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>931,080</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.78%, 10/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,375</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,712,601</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.21%, 10/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,580</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>990,883</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.22%, 10/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,006,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Orange Florida, Refunding RB (Syncora),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>4.75%, 10/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,012,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Hillsborough County IDA, RB, National Gypsum Co.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series A, AMT, 7.13%, 4/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,700</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,297,440</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Medical Center of Florida, 6.75%, 11/15/21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,725</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,782,098</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Sumter Landing Community Development District Florida,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Sub-Series B, 5.70%, 10/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,525</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,846,825</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Village Community Development District No. 6, Special</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Assessment Bonds, 5.63%, 5/01/22</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,035</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>6,068,977</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>30,934,688</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Georgia &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Milledgeville &amp; Baldwin County Development Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Georgia College &amp; State University Foundation,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>6.00%, 9/01/33</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,738,065</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Idaho</FONT></B> <B>&#151; 1.2</B><B>%</B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Idaho Health Facilities Authority, Refunding RB, Trinity</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Health Group, Series B, 6.25%, 12/01/33</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,773,925</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Illinois &#151; 12.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Chicago Public Building Commission Building Illinois, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series A (NPFGC), 7.00%, 1/01/20</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,569,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois Transit Authority, RB, Sales Tax</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Receipts Revenue, 5.25%, 12/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,029,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Illinois Finance Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>MJH Education Assistance IV LLC, Sub-Series B,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.38%, 6/01/35 (d)(e)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>700</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>139,972</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Navistar International, Recovery Zone,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.50%, 10/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,925</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,985,888</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Northwestern Memorial Hospital, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.50%, 8/15/43</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,800</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,543,386</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Roosevelt University Project, 6.50%, 4/01/44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,562,910</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Rush University Medical Center, Series C,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.63%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,200</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,278,264</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Illinois Finance Authority, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Friendship Village Schaumburg, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.63%, 2/15/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>345</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>280,909</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>OSF Healthcare System, Series A, 6.00%, 5/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,535</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,584,581</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Railsplitter Tobacco Settlement Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.25%, 6/01/24</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,323,580</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 6/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,700</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,767,694</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>29,066,234</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Indiana &#151; 1.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Indiana Finance Authority, Refunding RB, Improvement,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>U.S. Steel Corp., 6.00%, 12/01/26</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,350</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,325,646</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Indiana Finance Authority Wastewater Utility, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.25%, 10/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,200,550</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>4,526,196</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Iowa</FONT></B> <B>&#151; 1.7</B><B>%</B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Iowa Higher Education Loan Authority, RB, Private College</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Facility, Buena Vista University Project, 5.00%, 4/01/31 $</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,480</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,520,212</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Iowa Higher Education Loan Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Private College Facility:</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.75%, 9/01/30</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>965</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>981,617</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 9/01/39</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,490,415</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,992,244</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Kansas &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kansas Development Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left; border-bottom: Black 1px solid"><FONT color=#231f20>Sisters of Leavenworth, Series A, 5.00%, 1/01/28</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT color=#231f20>1,155</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT color=#231f20>1,207,691</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Kentucky &#151; 3.2%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Louisville Arena, Sub-Series A-1 (AGC),</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>6.00%, 12/01/38</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>700</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>740,026</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Norton Healthcare, Inc., Series B</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(NPFGC), 6.19%, 10/01/23 (a)</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,508,825</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Louisville &amp; Jefferson County Metropolitan Government,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Jewish Hospital &amp; St. Mary&#146;s HealthCare,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>6.13%, 2/01/37</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,250</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>2,316,105</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT color=#231f20>7,564,956</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Louisiana &#151; 3.7%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Jefferson Parish Hospital Service District No. 1,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, 6.00%, 1/01/39</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,300</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,408,698</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Louisiana Local Government Environmental Facilities</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>&amp; Community Development Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Southeastern Louisiana University, Series A (AGM),</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,025</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,083,087</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Westlake Chemical Corp., Series A-1,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.50%, 11/01/35</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,565</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,631,293</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Louisiana Public Facilities Authority, RB, Belle Chasse</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Educational Foundation Project, 6.50%, 5/01/31</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>629,454</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Louisiana Public Facilities Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Entergy Gulf States Louisiana, LLC Projects, Series A,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.00%, 9/01/28</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,069,060</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,821,592</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Maryland &#151; 1.9%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 9/01/25</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>780</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>783,089</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Maryland Health &amp; Higher Educational Facilities</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Authority, Refunding RB, Doctor&#146;s Community Hospital,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.63%, 7/01/30</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,100</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,798,322</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,581,411</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Michigan &#151; 2.2%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Michigan State Building Authority, Refunding RB, Facilities</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Program, Series I, 6.25%, 10/15/38</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,875</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,092,762</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Royal Oak Hospital Finance Authority Michigan, Refunding</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, William Beaumont Hospital, 8.25%, 9/01/39</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,750</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,261,665</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,354,427</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Minnesota &#151; 1.6%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Minneapolis Minnesota, Refunding RB, Fairview</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Health Services, Series B (AGC), 6.50%, 11/15/38</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,924,970</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Mississippi &#151; 3.4%</FONT></B></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Mississippi Development Bank, RB, Hinds Community</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>College District, Capital Improvement Project (AGM),</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.00%, 4/01/36</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,910</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,982,580</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Mississippi Development Bank Special Obligation, RB,</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,655</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,841,354</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of Southern Mississippi, RB, Campus Facilities</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Improvements Project, 5.38%, 9/01/36</FONT></TD>
     <TD STYLE="text-align: right"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,150</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,390,345</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,214,279</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</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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<A name="page_14"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)">Schedule of Investments <FONT STYLE="font-size: 10pt">(continued)<BR>
     </FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<FONT STYLE="color: #394c87; font-size: 10pt"><B>BlackRock Investment Quality Municipal Trust Inc. (BKN)</B></font><br><FONT STYLE="color: #394c87; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></font></TD></TR>
</TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Missouri &#151; 1.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Missouri Joint Municipal Electric Utility Commission, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Plum Point Project (NPFGC), 4.60%, 1/01/36</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,790</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,603,879</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Missouri State Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Lutheran Senior Services, 6.00%, 2/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,499,835</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>4,103,714</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Montana &#151; 1.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Montana Facility Finance Authority, Refunding RB, Sisters</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 8px; border-bottom: Black 1pt solid"><FONT color=#231f20>of Leavenworth, Series A, 4.75%, 1/01/40</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,750</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,762,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nebraska &#151; 1.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Nebraska Investment Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.90%, 9/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,700</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,833,212</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.05%, 9/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,515</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,637,457</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>3,470,669</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nevada &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 8px; border-bottom: Black 1pt solid"><FONT color=#231f20>School Nevada Project, 5.00%, 5/15/29</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,065</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>1,081,380</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Jersey &#151; 5.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Middlesex County Improvement Authority, RB, Subordinate,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left colSpan=2><FONT color=#231f20>Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,510</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>135,885</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,357,110</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>New Jersey Educational Facilities Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>University of Medicine &amp; Dentistry, Series B:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.13%, 12/01/23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>950</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,131,887</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.50%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,225</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,423,805</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>New Jersey State Healthcare Facilities Financing Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Barnabas Health, Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.63%, 7/01/23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>770</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>750,973</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.63%, 7/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,560</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,540,877</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Jersey State Housing &amp; Mortgage Finance Agency,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Series AA, 6.50%, 10/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>770</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>835,443</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>12,175,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 7.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Albany Industrial Development Agency, RB, New Covenant</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left colSpan=2><FONT color=#231f20>Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>725</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>181,279</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Hudson New York Yards Infrastructure Corp., RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 2/15/47</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,750</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,853,092</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Hudson Yards Infrastructure Corp., RB, Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 2/15/47</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,541,068</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>(AGM), 5.00%, 2/15/47</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,504,035</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>(NPFGC), 4.50%, 2/15/47</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>750</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>680,040</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Long Island Power Authority, Refunding RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 4/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,475</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,725,495</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Industrial Development Agency, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>American Airlines, Inc., JFK International Airport,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.63%, 8/01/25 (f)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,404,974</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Queens Baseball Stadium, PILOT (AGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.50%, 1/01/46</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>850</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>913,759</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York Liberty Development Corp., Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left colSpan=2><FONT color=#231f20>Second Priority, Bank of America Tower at One Bryant</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Park Project, 6.38%, 7/15/49</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,297,088</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York State Dormitory Authority, RB, Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Rochester Institute of Technology,, 6.00%, 7/01/33</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,625</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,790,457</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>University Rochester, 5.75%, 7/01/39 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>929,540</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>17,820,827</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>North Carolina &#151; 6.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>City of Charlotte North Carolina, Refunding RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.50%, 7/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>325</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>348,572</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gaston County Industrial Facilities &amp; Pollution Control</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left colSpan=2><FONT color=#231f20>Financing Authority North Carolina, RB, Exempt Facilities,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>National Gypsum Co. Project, 5.75%, 8/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,425</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,883,352</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>North Carolina Capital Facilities Finance Agency, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Duke Energy Carolinas, Series B, 4.38%, 10/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,504,905</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>North Carolina (concluded)</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>North Carolina Medical Care Commission, RB, Novant</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Health Obligation, Series A, 4.75%, 11/01/43</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,900</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,093,744</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>North Carolina Medical Care Commission, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>University Health System, Series D, 6.25%, 12/01/33</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,750</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,937,268</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>14,767,841</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Ohio &#151; 1.4%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Ohio, Refunding RB, Kenyon College Project,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>5.00%, 7/01/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,345</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,366,910</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Oklahoma &#151; 1.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Put Bonds, AMT, 7.75%, 6/01/35 (f)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,900</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,668,435</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Oregon &#151; 1.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Oregon Health &amp; Science University, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.75%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,355,337</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Oregon State Facilities Authority, Refunding RB, Limited</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>College Project, Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 10/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,150</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,179,912</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.25%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>515,780</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,051,029</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Pennsylvania &#151; 5.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Delaware River Port Authority, RB (AGM):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Port District Project, Series B, 5.70%, 1/01/22</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,003,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series D,, 5.00%, 1/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,640</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,760,484</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>McKeesport Area School District, GO, CAB (FGIC) (a):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.53%, 10/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>870</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>386,915</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.53%, 10/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,435</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>796,537</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Economic Development Financing</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Amtrak Project, Series A, AMT, 6.25%, 11/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,001,560</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Aqua Pennsylvania, Inc. Project, Series B,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.50%, 12/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>3,004,320</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>11,953,516</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Puerto Rico &#151; 1.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., RB, First</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>Sub-Series A, 5.75%, 8/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,572,405</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>CAB, Series A (NPFGC), 5.74%, 8/01/41 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,500</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,167,825</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,740,230</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Rhode Island &#151; 3.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Rhode Island Health &amp; Educational Building Corp., RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>Hospital Financing, LifeSpan Obligation, Series A (AGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>7.00%, 5/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,414,510</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Rhode Island Housing &amp; Mortgage Finance Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>RB, Rental Housing Program, Series A-1 (FGIC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>4.75%, 10/01/43</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,212,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>State of Rhode Island, COP, Series C, School for the Deaf</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>(AGC), 5.38%, 4/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,330</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,434,804</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,061,814</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>South Carolina &#151; 4.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>South Carolina Jobs-EDA, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Palmetto Health Alliance, Series A, 6.25%, 8/01/31</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,185</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,216,114</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Palmetto Health, Series C, 6.88%, 8/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,560</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,953,451</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>South Carolina State Housing Finance &amp; Development</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>Authority, Refunding RB, Series A-2, AMT (AMBAC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>5.15%, 7/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,970</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>4,982,773</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>11,152,338</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Tennessee &#151; 0.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Memphis-Shelby County Sports Authority Inc., Refunding</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 5px; text-align: left"><FONT color=#231f20>RB, Memphis Arena Project, Series A:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.25%, 11/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,135</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,201,829</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.38%, 11/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,055,490</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,257,319</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>

<!-- Field: Page; Sequence: 14 -->
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<A name="page_15"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135); text-align: left; vertical-align: top">Schedule
     of Investments (continued)</TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<FONT STYLE="color: #394c87; font-size: 9pt"><B>BlackRock Investment Quality Municipal Trust Inc. (BKN)</B></font><br><FONT STYLE="color: #394c87; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></font></TD></TR> </TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Texas &#151; 8.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Harris County Health Facilities Development Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Memorial Hermann Healthcare System,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series B:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.13%, 12/01/31</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,123,490</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.25%, 12/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,973,300</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Harris County Texas Metropolitan, Transit Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.00%, 11/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,480</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,587,122</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Harris County-Houston Sports Authority, Refunding</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, CAB, Senior Lien, Series A (NPFGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>6.18%, 11/15/38 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>809,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Love Field Airport Modernization Corp., RB, Southwest</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Airlines Co. Project, 5.25%, 11/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,300</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,182,079</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Lower Colorado River Authority, Refunding RB, Series A</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>(NPFGC), 5.00%, 5/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,353</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Matagorda County Navigation District No. 1 Texas,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Central Power &amp; Light Co. Project,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series A, 6.30%, 11/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,200</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,364,538</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Texas Private Activity Bond Surface Transportation</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Corp., RB, Senior Lien, LBJ Infrastructure Group LLC,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,225,270</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Texas State Turnpike Authority, RB (AMBAC):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>CAB, 6.05%, 8/15/31 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,238,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>First Tier, Series A, 5.00%, 8/15/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></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"><FONT color=#231f20>1,191,463</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>19,700,715</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Vermont &#151; 1.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Vermont Educational &amp; Health Buildings Financing</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Agency, RB, Hospital, Fletcher Allen Health, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>4.75%, 12/01/36</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,654,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Washington &#151; 0.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Washington Health Care Facilities Authority, RB, MultiCare</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Health System, Series B (AGC), 6.00%, 8/15/39</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,100</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,265,375</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>West Virginia &#151; 1.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>West Virginia University, 5.00%, 10/01/36</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,250</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,407,883</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Wyoming &#151; 0.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Sweetwater Wyoming, Refunding RB, Idaho</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Power Co. Project, 5.25%, 7/15/26</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,800</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,938,222</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds &#151; 146.0%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>348,900,302</FONT></TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="6" STYLE="border-top: rgb(57,76,135) 4pt solid"><B><FONT STYLE="color: #231f20">Municipal Bonds Transferred to</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts (g)</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 2.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, RB, Catholic Health,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Series C-7 (AGM), 5.00%, 9/01/36</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,250</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,319,720</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Massachusetts &#151; 1.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Massachusetts Water Resources Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>General, Series A, 5.00%, 8/01/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,070</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,187,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 3.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Fiscal 2009, Series A, 5.75%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>690</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>777,381</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series FF-2, 5.50%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>810</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>892,241</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Series A, 4.75%, 6/15/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,165,880</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York State Dormitory Authority, RB, New York</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>University, Series A, 5.00%, 7/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,359</FONT></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"><FONT color=#231f20>3,509,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,345,274</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 67%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 0%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds Transferred to</FONT></B><BR>
<B>Tender Option Bond Trusts (g)</B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD ALIGN="CENTER" COLSPAN="3" STYLE="border-bottom: Black 2px solid"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Ohio &#151; 1.9%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Montgomery Ohio, RB, Catholic Health,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Series C-1 (AGM), 5.00%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,740</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,762,994</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Ohio Higher Educational Facility Commission, Refunding</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>RB, Hospital, Cleveland Clinic Health, Series A,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>5.25%, 1/01/33</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,600</FONT></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"><FONT color=#231f20>2,681,224</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,444,218</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Municipal Bonds Transferred to</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts &#151; 9.3%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>22,297,192</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Long-Term Investments</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $360,958,806) &#151; 155.3%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>371,197,494</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid"><B><FONT color=#231f20>Short-Term Securities</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; text-align: center"><B><FONT color=#231f20>Shares</FONT></B></TD>
     <TD COLSPAN="4" STYLE="border-top: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>FFI Institutional Tax-Exempt Fund, 0.01% (h)(i)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Short-Term Securities</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $6,488,230) &#151; 2.7%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Investments (Cost &#151; $367,447,036*) &#151; 158.0%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>377,685,724</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liabilities in Excess of Other Assets &#151; (0.7)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>(1,656,861</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liability for TOB Trust Certificates, Including Interest</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="TEXT-INDENT: 8px; text-align: left"><B><FONT color=#231f20>Expense and Fees Payable &#151; (4.6)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>(11,013,566</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMPS, at Redemption Value &#151; (52.7)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="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"><FONT color=#231f20>(125,954,721</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>239,060,576</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
     <TD STYLE="width: 79%"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 0%"></TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>356,082,244</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>19,201,339</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(8,606,503</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized appreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10,594,836</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Issuer filed for bankruptcy and/or is in default of interest
payments.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Non-income producing security.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(g)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Trust 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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(h)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>October 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Income</FONT></B></TD></TR>
<TR vAlign=bottom>
    <TD STYLE="width: 4%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 37%"><FONT color=#231f20>FFI Institutional</FONT></TD>
     <TD STYLE="text-align: left; width: 15%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 15%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 7%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 7%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Tax-Exempt Fund</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>1,084,525</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>5,403,705</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT STYLE="color: #231f20">6,488,230</FONT> <FONT STYLE="color: #231f20"></FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$<FONT color=#231f20>809</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(i)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</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: 12pt"><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_16"></A><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135); text-align: left; vertical-align: top">Schedule
     of Investments <FONT STYLE="font-size: 10pt">(concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<FONT STYLE="color: #394c87; font-size: 9pt"><B>BlackRock Investment Quality Municipal Trust Inc. (BKN)</B></font><br><FONT STYLE="color: #394c87; font-size: 8pt"><B>(Percentages shown are based on Net Assets)</B></font></TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad
levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments and derivative financial instruments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left"></P>

<P STYLE="text-align: left"><FONT STYLE="color: #231f20">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust&#146;s perceived risk of investing in those securities. For information about the Trust&#146;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 1</FONT></B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 2</FONT></B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><FONT STYLE="color: #231f20"><B>Total</B></FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Investments:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Long-Term</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&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"><FONT color=#231f20>Investments</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>371,197,494</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>371,197,494</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Short-Term</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&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"><FONT color=#231f20>Securities</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6,488,230</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>371,197,494</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>377,685,724</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
state or political subdivision.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_17"></A><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)">October 31, 2011 (Unaudited)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; color: rgb(57,76,135)"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="6%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="4%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Arizona &#151; 1.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Salt River Project, Agricultural Improvement &amp; Power</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>District, RB, Series A, 5.00%, 1/01/38</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>820</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>859,811</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</FONT></TD>
     <TD align=right><FONT color=#231f20>1,090</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>986,962</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,846,773</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Arkansas &#151; 0.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Little River Arkansas, Refunding RB, Georgia-</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>550</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>545,583</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>California &#151; 5.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>California Health Facilities Financing Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>St. Joseph Health System, Series A, 5.75%, 7/01/39</FONT></TD>
     <TD align=right><FONT color=#231f20>385</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>400,935</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Catholic Healthcare West, Series A, 6.00%, 7/01/39</FONT></TD>
     <TD align=right><FONT color=#231f20>680</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>727,722</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Sutter Health, Series B, 6.00%, 8/15/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,040</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,133,995</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>California HFA, RB, AMT, Home Mortgage, Series K,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.50%, 2/01/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>655</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>651,732</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>California State Public Works Board, RB, Various Capital</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Projects, Sub-Series I-1, 6.38%, 11/01/34</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>400</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>439,636</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>California Statewide Communities Development Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Senior Living, Southern California:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.25%, 11/15/19</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,068,830</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.63%, 11/15/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>540</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>584,712</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Los Angeles Department of Airports, RB, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.25%, 5/15/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>270</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>288,152</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>State of California, GO, Various Purpose:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>6.50%, 4/01/33</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,332,020</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.00%, 10/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,045</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,041,740</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,669,474</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Colorado &#151; 0.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Range Metropolitan District No. 2, GO, Limited Tax,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>5.50%, 12/15/37</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,200</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,013,040</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Delaware &#151; 1.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>River Project, 6.00%, 10/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>750</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>754,388</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Power, 5.38%, 10/01/45</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,165</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,068,398</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,822,786</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>District of Columbia &#151; 8.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>District of Columbia, RB, Methodist Home District of</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Columbia, Series A:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>7.38%, 1/01/30</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>550</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>557,667</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>7.50%, 1/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>910</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>923,887</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>District of Columbia Tobacco Settlement Financing Corp.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Asset-Backed:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.25%, 5/15/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,845</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,846,357</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.50%, 5/15/33</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,700</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,922,300</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Metropolitan Washington Airports Authority, RB, First</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Senior Lien, Series A:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.00%, 10/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>170</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>176,060</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.25%, 10/01/44</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>270</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>280,616</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>12,706,887</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Florida &#151; 4.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Miami-Dade Florida, RB, Water &amp; Sewer System,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 10/01/34</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,950</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,036,911</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>County of Miami-Dade Florida, Refunding RB, Miami</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>International Airport, Series A, 5.38%, 10/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>400</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>411,248</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</FONT></TD>
     <TD align=right><FONT color=#231f20>745</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>779,777</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Sumter Landing Community Development District Florida,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Sub-Series B, 5.70%, 10/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,375</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,110,464</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Tolomato Community Development District,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Special Assessment Bonds, Special Assessment,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.65%, 5/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,750</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,086,557</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Florida (concluded)</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Watergrass Community Development District, Special</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Assessment Bonds, Series A, 5.38%, 5/01/39</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>1,850</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>919,117</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,344,074</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Georgia &#151; 0.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>DeKalb Private Hospital Authority, Refunding RB, Children&#146;s</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>Healthcare, 5.25%, 11/15/39</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>285</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>292,892</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Guam</FONT></B> <B>&#151; 0.3</B><B>%</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Territory of Guam, GO, Series A:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 11/15/19</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>200</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>203,562</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.75%, 11/15/29</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>295</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>304,124</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>507,686</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Illinois &#151; 5.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Chicago Board of Education, GO, Series A (a):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.50%, 12/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>720</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>762,840</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 12/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>240</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>239,249</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Chicago Illinois, RB, General Third Lien, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.75%, 1/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,728,525</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Chicago Transit Authority, RB, Sales Tax Receipts,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.25%, 12/01/40 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>360</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>370,782</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois Finance Authority, RB, Advocate Health Care,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series C, 5.38%, 4/01/44</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,845</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,889,649</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois Finance Authority, Refunding RB, Central DuPage</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Health, Series B, 5.50%, 11/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>550</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>569,415</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Metropolitan Pier &amp; Exposition Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>McCormick Place Expansion Project:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series B, 5.00%, 6/15/50</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,095</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,067,515</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series B-2, 5.00%, 6/15/50</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>600</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>583,962</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Railsplitter Tobacco Settlement Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px; vertical-align: bottom"><FONT color=#231f20>5.50%, 6/01/23</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>180</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>190,004</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>State of Illinois, RB, Build Illinois, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.25%, 6/15/34</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>215</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>225,015</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,626,956</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Indiana &#151; 1.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Finance Authority, RB, Wastewater Utility:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series 2011A, 5.25%, 10/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>540</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>576,099</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Sisters of St. Francis Health, 5.25%, 11/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>290</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>295,498</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Finance Authority, Refunding RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Parkview Health System, Series A, 5.75%, 5/01/31</FONT></TD>
     <TD align=right><FONT color=#231f20>1,100</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,151,777</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Ascension Health Senior Credit, Series B-5,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt; vertical-align: bottom"><FONT color=#231f20>5.00%, 11/15/36</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>507,995</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Municipal Power Agency, RB, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.00%, 1/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>350</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>382,057</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,913,426</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Kentucky &#151; 0.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kentucky Economic Development Finance Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 6.38%, 6/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>350</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>365,599</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Owensboro Medical Health System, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.38%, 3/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>370</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>386,491</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>752,090</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Louisiana &#151; 2.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Louisiana Local Government Environmental Facilities</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>&amp; Community Development Authority, RB, Series A-1,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px; vertical-align: bottom"><FONT color=#231f20>6.50%, 11/01/35</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,135</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,183,079</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Louisiana Local Government Environmental Facilities</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>&amp; Community Development Authority, RB, Westlake</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Chemical Corp. Projects, Projects, 6.75%, 11/01/32</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,087,020</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,270,099</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="6" STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Maine</FONT></B> <B>&#151; 0.7</B><B>%</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Maine Health &amp; Higher Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Maine General Medical Center, 6.75%, 7/01/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>970</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>998,305</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 17 -->
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<A name="page_18"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="47%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; color: rgb(57,76,135)"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="4%"></TD>
     <TD width="9%"></TD>
     <TD width="6%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Maryland &#151; 1.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Maryland EDC, RB, Transportation Facilities Project,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 5.75%, 6/01/35</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>970</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>959,699</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.75%, 9/01/25</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,003,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,963,659</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Massachusetts &#151; 1.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Massachusetts Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Partners Healthcare, Series J1,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 7/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>615</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>627,515</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Massachusetts School Building Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Senior Dedicated Sales Tax Revenue, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 10/15/41 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,560</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,665,893</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,293,408</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Michigan &#151; 2.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Detroit Michigan, RB, Senior Lien, Series B (AGM),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>7.50%, 7/01/33</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>560</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>663,874</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Garden City Hospital Finance Authority Michigan,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Garden City Hospital Obligation, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 8/15/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,540</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,088,426</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Royal Oak Hospital Finance Authority Michigan, Refunding</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, William Beaumont Hospital, 8.25%, 9/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,400</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,660,484</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,412,784</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>New Jersey &#151; 1.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.63%, 9/15/12</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>504,875</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.40%, 9/15/23</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>976,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Port Authority of New York &amp; New Jersey, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>JFK International Air Terminal, 6.00%, 12/01/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>430</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>449,660</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,930,935</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>New York &#151; 6.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Hudson Yards Infrastructure Corp., RB, 5.75%, 2/15/47</FONT></TD>
     <TD align=right><FONT color=#231f20>1,510</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,598,954</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Metropolitan Transportation Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Transportation, Series D, 5.25%, 11/15/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>410</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>429,828</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>New York City Industrial Development Agency, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>American Airlines, JFK International Airport, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>7.63%, 8/01/25 (b)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,699,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>British Airways Place Project, 7.63%, 12/01/32</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,003,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New York Dormitory Authority, RB, North Shore Long Island</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Jewish, Series A, 5.00%, 5/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>435</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>430,367</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>New York Liberty Development Corp., Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Second Priority, Bank of America Tower at One Bryant</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Park Project, 6.38%, 7/15/49</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>420</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>435,821</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>New York State Dormitory Authority, RB, New York</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>University, Series A, 5.25%, 7/01/48</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,119,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,718,610</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>North Carolina &#151; 0.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>North Carolina Medical Care Commission, RB, Duke</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>University Health System, Series A, 5.00%, 6/01/42</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>480</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>488,160</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="6" STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Ohio</FONT></B> <B>&#151; 0.6</B><B>%</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>State of Ohio, RB, Ford Motor Co. Project, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.75%, 4/01/35</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>935,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Pennsylvania &#151; 0.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Allegheny County Hospital Development Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Health System, West Penn, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.38%, 11/15/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,230,705</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Puerto Rico &#151; 1.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., RB, First Sub,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 6.50%, 8/01/44</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,705</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,919,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>CAB, First Sub-Series C, 6.52%, 8/01/38 (c)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,490</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>277,706</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,197,656</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>South Carolina &#151; 1.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>South Carolina Jobs-EDA, Refunding RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Senior Lien, Burroughs &amp; Chapin, Series A (Radian),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>4.70%, 4/01/35</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>1,340</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>1,097,326</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>First Mortgage, Lutheran Homes, 5.63%, 5/01/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>817,520</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>South Carolina State Public Service Authority, Refunding</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Santee Cooper Project, Series C, 5.00%, 12/01/36</FONT></TD>
     <TD align=right><FONT color=#231f20>530</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>569,506</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,484,352</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Texas</FONT></B> <B>&#151; 8.1</B><B>%</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>8.25%, 10/01/30</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>404,940</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Central Texas Regional Mobility Authority, RB, Senior Lien,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.25%, 1/01/46</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>730</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>742,395</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Dallas Texas, Refunding RB, Waterworks &amp; Sewer</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>System, 5.00%, 10/01/35</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>525</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>569,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Houston Texas, Refunding RB, Senior Lien, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.50%, 7/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>265,428</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Harris County Texas Metropolitan Transit Authority, Sales</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>&amp; Use Tax, RB, Series A, 5.00%, 11/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,170</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,249,735</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>HFDC of Central Texas, Inc., RB, Village at Gleannloch</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Farms, Series A, 5.50%, 2/15/27</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,150</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>928,326</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Houston Higher Education Finance Corp., RB, Cosmos</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Foundation, Inc. Series A, 6.88%, 5/15/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>200</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>214,214</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Matagorda County Navigation District No. 1 Texas,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Central Power &amp; Light Co. Project,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 6.30%, 11/01/29</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>700</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>752,353</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Texas Tollway Authority, Refunding, RB, Toll, Second</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Tier, Series F, 6.13%, 1/01/31</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,290</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,398,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Sabine River Authority Texas, Refunding RB, TXU Electric</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Co. Project, Series B, Mandatory Put Bonds, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.75%, 5/01/30 (b)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Tarrant County Cultural Education Facilities Finance Corp.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,390</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,487,759</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Texas Private Activity Bond Surface Transportation Corp.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Senior Lien:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>TE Mobility Partners LLC, North Tarrant Express</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Managed Lanes Project, 6.88%, 12/31/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>533,515</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>LBJ Infrastructure Group LLC, LBJ Freeway Managed</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Lanes Project, 7.00%, 6/30/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,075,090</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Texas Public Finance Authority, RB, Charter School Finance</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Corp., Cosmos Foundation, Series A, 5.38%, 2/15/37</FONT></TD>
     <TD align=right><FONT color=#231f20>1,250</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,164,213</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>12,286,515</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Utah</FONT></B> <B>&#151; 0.6</B><B>%</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Riverton Utah, RB, IHC Health Services, Inc.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 8/15/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>955</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>967,845</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Virginia &#151; 1.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Peninsula Ports Authority, Refunding RB, Virginia Baptist</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Homes, Series C, 5.38%, 12/01/26</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,600</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,688,076</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Virginia HDA, RB, Rental Housing, Series F,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 4/01/45</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,010,380</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,698,456</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Washington &#151; 0.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Washington Health Care Facilities Authority, RB, Swedish</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>Health Services, Series A, 6.75%, 11/15/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>660</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>727,274</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Wisconsin &#151; 1.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Wisconsin Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>RB, Ascension Health Credit Group, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 11/15/31</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,835</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,908,511</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Wyoming &#151; 0.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Wyoming Municipal Power Agency, RB, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 1/01/42</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>102,229</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds &#151; 63.7%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>96,657,130</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>

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<A name="page_19"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="47%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD align=right><FONT STYLE="font-size: 8pt; color: #394c87"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 69%; text-align: left"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 12%"></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><B><FONT color=#231f20>Municipal Bonds Transferred to</FONT><BR>
Tender Option Bond Trusts (d)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 15.4%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Bay Area Toll Authority, Refunding RB, San Francisco</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Bay Area, Series F-1, 5.63%, 4/01/44</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,090</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,180,675</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Educational Facilities Authority, RB, University</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>of Southern California, Series A, 5.25%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>840</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>907,612</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Department of Airports, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Senior, Los Angeles International Airport, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 5/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,050</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,157,604</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Diego Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Election of 2002, 5.25%, 8/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>553</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>602,897</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Francisco City &amp; County Public Water Utilities</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Commission, RB, Series B, 5.00%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,225</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,367,577</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of California, RB, Series B (NPFGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>4.75%, 5/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>15,085,200</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>23,301,565</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>Catholic Healthcare, Series A, 5.50%, 7/01/34</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>740</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>775,065</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Illinois &#151; 11.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois Custodial Receipts, Series 1284,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 1/01/33 (e)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,077,400</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Illinois Finance Authority, RB, Carle Foundation, Series A</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>(AGM), 6.00%, 8/15/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,340</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>2,450,869</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>17,528,269</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Indiana &#151; 8.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Carmel Redevelopment Authority, RB, Performing</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Arts Center:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>4.75%, 2/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,365</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,463,770</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 2/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,580</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>6,780,295</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>12,244,065</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Massachusetts &#151; 7.9%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Massachusetts HFA, Refunding HRB, Series D, AMT,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px; border-bottom: Black 1pt solid"><FONT color=#231f20>5.45%, 6/01/37</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>11,855</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>11,964,540</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nebraska &#151; 3.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Omaha Public Power District, RB, System, Sub-Series B</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px; border-bottom: Black 1pt solid"><FONT color=#231f20>(NPFGC), 4.75%, 2/01/36</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,080,400</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Hampshire &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Hampshire Health &amp; Education Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>660</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>729,511</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 18.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series FF-2 Water &amp; Sewer, 5.50%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>495</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>545,259</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Refunding RB, Series D, 5.00%, 6/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,845,675</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, Water</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>&amp; Sewer, RB, Second General Resolution, Series HH,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 6/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,835</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,068,495</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York State Dormitory Authority, ERB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series F, 5.00%, 3/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,104,671</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series B, 5.75%, 3/15/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,250</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>12,717,900</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>27,282,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>North Carolina &#151; 10.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of North Carolina at Chapel Hill, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; text-indent: 24px"><FONT color=#231f20>General, Series A, 4.75%, 12/01/34</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>15,170</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>15,553,953</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Ohio &#151; 4.9%</FONT></B> </TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Allen Ohio, Refunding RB, Catholic Healthcare,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 5.25%, 6/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,671,730</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Ohio, Refunding RB, Cleveland Clinic Health,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series A, 5.50%, 1/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,630</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>4,818,534</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,490,264</FONT></TD>
    <TD>&nbsp;</TD></TR></TABLE><BR>

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

  <tr>

    <TD STYLE="width: 69%"></td>
    <TD STYLE="width: 2%"></td>
    <TD STYLE="width: 10%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 2%"></td>
    <TD STYLE="width: 12%"></td>
    <TD STYLE="width: 1%"></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid"><b>Municipal Bonds Transferred to<br>

Tender Option Bond Trusts (d)</b></td>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: center; border-bottom: Black 2pt solid"><b>Par</b><br>

<b>(000</b><b>)</b></td>
    <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 2pt solid"><b>Value</b></td>
    <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>South Carolina &#151; 1.9%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>South Carolina State Housing Finance &amp; Development</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>Authority, Refunding RB, Series B-1, 5.55%, 7/01/39 </font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>2,769</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>2,863,579</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>Texas &#151; 7.8%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; text-align: left"><font color=#231f20>5.00%, 8/15/38</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,130</font></td>
    <TD STYLE="text-align: left"></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,221,931</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>New Caney ISD, GO, School Building (PSF-GTD),</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; text-align: left"><font color=#231f20>5.00%, 2/15/35</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>9,150</font></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"><font color=#231f20>9,598,716</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>11,820,647</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>Virginia &#151; 0.7%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Virginia Small Business Financing Authority, Refunding RB,</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>Sentara Healthcare, 5.00%, 11/01/40</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,000</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,033,181</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>Wisconsin &#151; 1.3%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Wisconsin Health &amp; Educational Facilities Authority,</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; text-align: left"><font color=#231f20>Refunding RB, Froedtert &amp; Community Health, Inc.,</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>5.25%, 4/01/39</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,990</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>2,012,603</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Total Municipal Bonds Transferred to</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><b><font color=#231f20>Tender Option Bond (TOB) Trusts &#151; 92.1%</font></b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>139,679,642</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Total Long-Term Investments</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><b><font color=#231f20>(Cost &#151; $236,848,589) &#151; 155.8%</font></b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>236,336,772</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan="7">&nbsp;</td>
  </tr>

  <tr>

    <td colspan="7" style="border-top: rgb(57,76,135) 4pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><b><font color=#231f20>Short-Term Securities</font></b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>Michigan &#150; 0.7%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Michigan Finance Authority, RB, SAN, Detroit Schools,</font></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>Series A-1, 6.45%, 2/20/12</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,085</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,085,000</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan="7">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><b><font color=#231f20>Shares</font></b></td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#394c87>Money Market &#150; 0.0%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>FFI Institutional Tax-Exempt Fund, 0.01% (f)(g)</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>18,910</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>18,910</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Total Short-Term Securities</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><b><font color=#231f20>(Cost &#151; $1,103,910) &#151; 0.7%</font></b></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>1,103,910</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Total Investments (Cost &#151; $237,952,499*) &#151; 156.5%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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"><font color=#231f20>237,440,682</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Other Assets Less Liabilities &#151; 3.5%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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"><font color=#231f20>5,316,679</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Liability for TOB Trust Certificates, Including Interest</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 8px; text-align: left"><b><font color=#231f20>Expense and Fees Payable &#151; (60.0)%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="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"><font color=#231f20>(91,004,742</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Net Assets &#151; 100.0%</font></b></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left"></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>151,752,619</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>
</table>

<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 73%"></TD>
     <TD STYLE="width: 3%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 17%"></TD>
     <TD STYLE="width: 5%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>147,192,284</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,292,551</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(6,825,118</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(532,567</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">When-issued security. Unsettled when-issued transactions
were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Counterparty</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Value</FONT></B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Unrealized</B><BR>
<B>Appreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; width: 73%"><FONT color=#231f20>Pershing LLC</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom; width: 1%"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom; width: 10%"><FONT color=#231f20>1,002,089</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom; width: 1%"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom; width: 12%"><FONT color=#231f20>23,691</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Barclays Capital, Inc.</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>370,782</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>1,163</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Wells Fargo Bank NA</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,665,893</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>5,288</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</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: 12pt"><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 --> <!--$$/page=-->
<A name="page_20"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="52%"></TD>
     <TD width="47%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Fund 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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional
investors.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="22%"></TD>
     <TD width="19%"></TD>
     <TD width="16%"></TD>
     <TD width="5%"></TD>
     <TD width="17%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Shares Held at<BR>
<B><FONT color=#000000>October 31, <BR>
</FONT></B>2011</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B>Income</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>FFI Institutional</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>Tax-Exempt Fund</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT color=#231f20>1,227,518</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(1,208,608</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT color=#231f20>18,910</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>$258</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(g)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Financial futures contracts sold as of October 31, 2011
were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="color: #231f20"><B>Contracts</B></FONT></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="color: #231f20"><B> Issue</B></FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Exchange</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Expiration</FONT></B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Notional<BR>
 Value</B>
</TD>
     <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid"><B>Unrealized<BR> Appreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; padding-left: 20pt"><FONT color=#231f20>31</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT color=#231f20>10-Year US</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>Chicago Board</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>December</FONT></TD>
     <TD STYLE="text-align: right">&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">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>Treasury Note</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>of Trade</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>2011</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>$4,000,938</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT STYLE="color: #231f20"></FONT> <FONT STYLE="color: #231f20">$ 34,597</FONT></TD></TR></TABLE><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure
hierarchy consisting of three broad levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments and derivative financial instruments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left"><FONT STYLE="color: #231f20">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust&#146;s perceived risk of investing in those securities. For information about the Trust&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following tables summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid; width: 36%"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom; width: 11%"><B><FONT color=#231f20>Level 1</FONT></B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 5%">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; width: 11%"><FONT STYLE="color: #231f20"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom; width: 11%"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid; vertical-align: bottom; width: 5%">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid; vertical-align: bottom; width: 11%"><B><FONT color=#231f20>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Investments:</FONT></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Long-Term</FONT></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 15px; text-align: left"><FONT color=#231f20>Investments</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>236,336,772</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>236,336,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Short-Term</FONT></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 15px; text-align: left"><FONT color=#231f20>Securities</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>18,910</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,085,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,103,910</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>18,910</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>237,421,772</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>237,440,682</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 6pt; margin-bottom: 6pt; font-size: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
state or political subdivision.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid; width: 36%"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; width: 11%"><B><FONT color=#231f20>Level 1</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; width: 11%"><FONT STYLE="color: #231f20"><B>Level 2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; width: 11%"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; border-top: Black 1pt solid; width: 5%">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid; width: 11%"><B><FONT color=#231f20>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT color=#231f20>Derivative Financial Instruments</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Interest</FONT></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 15px; text-align: left"><FONT color=#231f20>rate</FONT></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>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 15px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Contracts</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>34,597</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>34,597</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 20 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 -->
<P STYLE="text-align: left"><FONT STYLE="color: #231f20"></FONT></P>
 <!--$$/page=-->
<A name="page_21"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="60%"></TD>
     <TD width="39%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">October 31, 2011 (Unaudited)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="6%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="4%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Alabama &#151; 0.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Courtland IDB Alabama, Refunding RB, International</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Paper Co. Projects, Series A, 4.75%, 5/01/17</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,165</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,183,873</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Alaska &#151; 2.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>City of Valdez AK, RB, Refunding BP Pipelines Projected</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series B:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 1/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,808,475</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 1/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,200</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>3,594,848</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,403,323</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Arizona &#151; 3.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 7/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,300</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,467,440</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 7/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,585</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,534,339</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Pima County IDA, Refunding RB, Tucson Electric Power Co.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>San Juan, Series A, 4.95%, 10/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,015</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,026,997</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Salt Verde Financial Corp., RB, Senior:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 12/01/18</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,513,305</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.25%, 12/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,010,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>11,552,841</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>California &#151; 20.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>California Health Facilities Financing Authority, Refunding</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, Sutter Health, Series B, 5.00%, 8/15/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>815</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>889,548</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>California State Department of Water Resources,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, Series L, 5.00%, 5/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>11,783,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>California Statewide Communities Development Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, John Muir Health, Series A, 5.00%, 8/15/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,192,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Foothill Eastern Transportation Corridor Agency California,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, CAB (a):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.96%, 1/15/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>12,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,266,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.87%, 1/15/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,304,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Golden State Tobacco Securitization Corp.</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>California, RB (b):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>ARS, Asset-Backed, Series A-3, 7.88%, 6/01/13</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>975</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,086,238</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Series 2003-A-1, 6.63%, 6/01/13</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,642,515</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Series 2003-A-1, 6.75%, 6/01/13</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>11,010</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>12,077,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Los Angeles Unified School District California, GO,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series I, 5.00%, 7/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,750</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,388,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Riverside County Asset Leasing Corp. California,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, Riverside County Hospital Project (NPFGC),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.76%, 6/01/25 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,865</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,805,314</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>San Manuel Entertainment Authority, Series 04-C,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>4.50%, 12/01/16 (c)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,032,480</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>State of California, GO, Various Purpose, 5.00%, 11/01/22</FONT></TD>
     <TD align=right><FONT color=#231f20>7,050</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>7,445,575</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>63,914,670</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Colorado &#151; 1.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>E-470 Public Highway Authority Colorado, RB, CAB, Senior</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series B (NPFGC), 5.55%, 9/01/22 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,295,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Park Creek Metropolitan District Colorado, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Senior, Limited Tax, Property Tax, 5.25%, 12/01/25</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>3,002,940</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,297,940</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>District of Columbia &#151; 4.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>District of Columbia, Refunding RB, Friendship Public</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Charter School, Inc. (ACA):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.75%, 6/01/18</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,680</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,693,856</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 6/01/23</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,320</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,006,791</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>District of Columbia Tobacco Settlement Financing</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Corp., Refunding RB, Asset-Backed, Asset-Backed,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>6.50%, 5/15/33</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,215</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,379,385</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Metropolitan Washington Airports Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series C-2, AMT (AGM), 5.00%, 10/01/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>5,232,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>15,312,732</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="63%"></TD>
     <TD width="4%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="4%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Florida &#151; 7.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Bellalago Educational Facilities Benefit District, Special</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Assessment Bonds, Series A, 5.85%, 5/01/22</FONT></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>3,715</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>3,626,917</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Broward County School Board Florida, COP, Series A</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>(AGM), 5.25%, 7/01/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,355,412</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Jacksonville Florida, RB, Better Jacksonville,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.00%, 10/01/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,160</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,747,311</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Habitat Community Development District, Special</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Assessment Bonds, 5.80%, 5/01/25</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,910</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,825,693</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Medical Center of Florida, 6.75%, 11/15/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,170</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,241,827</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Middle Village Community Development District, Special</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Assessment Bonds, Series A, 5.80%, 5/01/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,525</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,268,486</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Pine Island Community Development District, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.30%, 11/01/10 (d)(e)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>126,728</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Stevens Plantation Community Development District,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Special Assessment Bonds, Series B, 6.38%, 5/01/13</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,530</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,058,745</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Village Community Development District No. 5 Florida,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Special Assessment Bonds, Series A, 6.00%, 5/01/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,130</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,167,978</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>23,419,097</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Georgia &#151; 0.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Richmond County Development Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Environment, Series A, AMT, 5.75%, 11/01/27</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,350</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,366,732</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Illinois &#151; 16.0%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Chicago Illinois, RB, General Airport, Third Lien,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series A (AMBAC):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 1/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,292,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 1/01/22</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,356,370</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois Finance Authority, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Depaul University, Series C, 5.25%, 10/01/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,173,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>MJH Education Assistance IV LLC, Sub-Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.50%, 6/01/19 (d)(e)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,949,967</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>MJH Education Assistance IV LLC, Sub-Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.00%, 6/01/24 (d)(e)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,075</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>214,957</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Northwestern University, 5.00%, 12/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,800</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,168,640</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois State Toll Highway Authority, RB, Senior Priority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series A (AGM), 5.00%, 1/01/19</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,433,510</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Lake Cook-Dane &amp; McHenry Counties Community Unit</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>School District 220 Illinois, GO, Refunding (AGM),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.25%, 12/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,212,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Metropolitan Pier &amp; Exposition Authority Illinois,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, CAB, McCormick, Series A (NPFGC),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.45%, 6/15/22 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>13,455</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,116,056</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Railsplitter Tobacco Settlement Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.25%, 6/01/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,697,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>State of Illinois, RB, Build Illinois, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.00%, 6/15/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,264,260</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>49,878,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Indiana &#151; 5.0%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Vincennes Indiana, Refunding RB, Southwest</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Indiana Regional Youth Village, 6.25%, 1/01/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,220</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,740,186</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Municipal Power Agency, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.00%, 1/01/21</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>600</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>679,074</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indianapolis Airport Authority, Refunding RB, Special</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>11,085,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>15,504,260</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Kansas &#151; 2.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kansas Development Finance Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Adventist Health, 5.25%, 11/15/20</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,857,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Wyandotte County-Kansas City Unified Government,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, Kansas International Speedway (NPFGC),</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.20%, 12/01/20 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,440</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>4,055,719</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,913,369</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 21 -->
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<A name="page_22"></A><BR>
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<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD align=right><FONT STYLE="font-size: 8pt; color: #394c87"><B>(Percentages shown are based on Net Assets)</B></FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD WIDTH="61%" STYLE="text-align: left; vertical-align: bottom"></TD>
     <TD WIDTH="6%" STYLE="text-align: left; vertical-align: bottom"></TD>
     <TD width="9%"></TD>
     <TD width="6%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Kentucky &#151; 0.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Kentucky Housing Corp., RB, Series C, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>4.63%, 7/01/22</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,022,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Louisiana &#151; 0.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Parish of DeSoto Louisiana, RB, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.85%, 11/01/27</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,019,300</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Maryland &#151; 2.9%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Maryland EDC, RB, Transportation Facilities Project,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series A, 5.13%, 6/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,259,088</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Maryland Health &amp; Higher Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Charlestown Community, 5.50%, 1/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,335</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,442,614</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>MedStar Health, 5.38%, 8/15/24</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,727,315</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>University of Maryland Medical System,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 7/01/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>670</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>738,454</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>9,167,471</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Massachusetts &#151; 1.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Massachusetts Development Finance Agency, RB, Waste</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Management, Inc. Project, AMT, 5.45%, 6/01/14</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,855,230</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Massachusetts State Water Pollution Abatement, Refunding</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>140</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>140,570</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,995,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Michigan &#151; 3.0%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Bronson Methodist Hospital, 5.00%, 5/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,735</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,860,076</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Lansing Board of Water &amp; Light, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>3.50%, 7/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,044,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Michigan State Building Authority, RB, Refunding Facilities</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Program Series A:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>4.00%, 10/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,205</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,271,841</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 10/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>325</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>368,069</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Michigan State Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Hospital, Sparrow Obligated, 4.50%, 11/15/26</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,442,820</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>State of Michigan, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 11/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,145,370</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 11/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,266,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,399,076</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Minnesota &#151; 0.4%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Minnesota Higher Education Facilities Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>University of St. Thomas, Series 5-Y, 5.00%, 10/01/24</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,302,125</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Mississippi &#151; 1.0%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Warren Mississippi, RB, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.85%, 11/01/27</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,026,970</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Missouri &#151; 3.5%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Missouri Development Finance Board, RB, Branson</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Landing Project, Series A, 5.50%, 12/01/24</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,152,450</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Missouri State Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, BJC Health System, Series A,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 5/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,500</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>5,837,975</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>10,990,425</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 4px; text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Multi-State &#151; 6.0%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Centerline Equity Issuer Trust (c)(f):</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.75%, 5/15/15</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,070,810</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 5/15/15</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,326,280</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 5/15/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,744,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.30%, 5/15/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,753,925</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>MuniMae TE Bond Subsidiary LLC (c)(f)(g):</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.40%</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,399,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.80%</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,399,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Series D, 5.90%</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1,139,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>18,835,845</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 6%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 9%"></TD>
     <TD STYLE="width: 6%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Nevada &#151; 2.0%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Henderson Nevada, Special Assessment Bonds,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>District No. T-18, 5.15%, 9/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,755</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,009,669</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>School Nevada Project, 5.00%, 5/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>5,294,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,304,369</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>New Hampshire &#151; 4.7%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Hampshire Business Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Public Service Co. of New Hampshire Project, Series B,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>AMT (NPFGC), 4.75%, 5/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,188,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Hampshire Health &amp; Education Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,225</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>4,365,228</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>14,553,628</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>New Jersey &#151; 12.4%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Middlesex County Improvement Authority, RB, Street</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Student Housing Project, Series A, 5.00%, 8/15/23</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,017,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Jersey EDA, RB:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Cigarette Tax, 5.50%, 6/15/24</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,838,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Continental Airlines, Inc. Project, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>7.00%, 11/15/30 (h)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,999,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Continental Airlines, Inc. Project, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>9.00%, 6/01/33 (h)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,539,570</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Kapkowski Road Landfill Project, Series 1998B, AMT,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.50%, 4/01/31</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,431,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Jersey EDA, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>First Mortgage, Winchester, Series A, 4.80%, 11/01/13</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>765</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>780,002</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>School Facilities, Series GG, 5.00%, 9/01/22</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,200,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Jersey Educational Facilities Authority, Refunding</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, University of Medicine &amp; Dentistry, Series B,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.25%, 12/01/18</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,937,350</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New Jersey Health Care Facilities Financing Authority,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>AtlantiCare Regional Medical Center, 5.00%, 7/01/20</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,110</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,265,697</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Capital Health System Obligation Group, Series A,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.75%, 7/01/13 (b)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,320,840</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Newark Housing Authority, RB, South Ward Police Facility</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>(AGC), 5.00%, 12/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>1,372,587</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>38,702,996</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>New York &#151; 7.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New York City Industrial Development Agency, RB</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>American Airlines, Inc., JFK International Airport, AMT (h):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>7.63%, 8/01/25</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,885</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,593,586</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>7.75%, 8/01/31</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,625,150</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New York State Energy Research &amp; Development Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Brooklyn Union Gas/Keyspan, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>AMT (FGIC), 4.70%, 2/01/24</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,740,295</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Port Authority of New York &amp; New Jersey, RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>JFK International Air Terminal, 5.00%, 12/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,525</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,557,315</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Tobacco Settlement Financing Corp. New York, RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Asset-Backed, Series B-1C, 5.50%, 6/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>5,332,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>23,848,396</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>North Carolina &#151; 2.4%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Carolina Eastern Municipal Power Agency,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Series B, 5.00%, 1/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,550</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,722,112</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Carolina Municipal Power Agency No. 1,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Series B, 5.00%, 1/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>5,770,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,492,362</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Ohio</FONT></B> <B>&#151; 6.5</B><B>%</B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>American Municipal Power-Ohio, Inc., RB, Prairie State</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Energy Campus Project, Series A, 5.25%, 2/15/23</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,519,500</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Cuyahoga Ohio, Refunding RB, Series A:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 1/01/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,215,640</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 1/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,705,100</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pinnacle Community Infrastructure Financing Authority,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Facilities, Series A, 6.00%, 12/01/22</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>916</FONT></TD>
     <TD STYLE="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"><FONT color=#231f20>829,081</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>20,269,321</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 22 -->
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<A name="page_23"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD WIDTH="63%" STYLE="text-align: left; vertical-align: bottom"></TD>
     <TD WIDTH="5%" STYLE="text-align: left; vertical-align: bottom"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Oklahoma &#151; 1.0%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Put Bonds, AMT, 7.75%, 6/01/35 (h)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,350</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,082,502</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Pennsylvania &#151; 7.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Lancaster County Hospital Authority, RB, General Hospital</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Project, 5.75%, 3/15/20 (b)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,194,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Montgomery County IDA Pennsylvania, MRB, Whitemarsh</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Continuing Care, 6.00%, 2/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,275</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,173,599</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>LaSalle University, 5.50%, 5/01/26</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,680</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,780,668</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Drexel University, Series A, 5.00%, 5/01/20</FONT></TD>
     <TD align=right><FONT color=#231f20>1,575</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,767,591</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pennsylvania Turnpike Commission, RB, Sub-Series A</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>(AGC), 5.00%, 6/01/22</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,106,350</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pennsylvania Turnpike Commission, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series A, 5.00%, 12/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>4,598,240</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>23,621,398</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Puerto Rico &#151; 4.2%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Commonwealth of Puerto Rico, GO, Public Improvement,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series B, 5.25%, 7/01/17</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,300</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,532,551</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Puerto Rico Electric Power Authority, RB, Series NN,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.13%, 7/01/13 (b)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>9,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>9,705,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>13,238,151</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>South Carolina &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT color=#231f20>South Carolina State Ports Authority, RB, 5.00%, 7/01/20</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,251,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Texas</FONT></B> <B>&#151; 9.5</B><B>%</B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Central Texas Regional Mobility Authority, RB, Senior Lien:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.75%, 1/01/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>800</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>860,624</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.75%, 1/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,140</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,223,516</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21</FONT></TD>
     <TD align=right><FONT color=#231f20>2,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,735,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Houston TX, RB, Refunding, Sub Lien, Series B,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 7/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>250</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>283,613</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Lower Colorado River Authority, 5.00%, 5/15/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,723,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Texas Tollway Authority, RB, Series C:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.25%, 1/01/20</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,126,220</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.38%, 1/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,629,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Port Corpus Christi Industrial Development Corp. Texas,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Valero, Series C, 5.40%, 4/01/18</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,985</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,985,836</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Texas State Turnpike Authority, RB, CAB, First Tier, Series A</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>(AMBAC) (a):</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.39%, 8/15/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,990</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,966,824</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.54%, 8/15/24</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,450</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>4,094,109</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>29,629,292</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>US Virgin Islands &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Virgin Islands Public Finance Authority, RB, Senior Lien,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Matching Fund Loan Note, Series A, 5.25%, 10/01/17</FONT></TD>
     <TD align=right><FONT color=#231f20>1,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,051,920</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Virgin Islands Public Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Senior Secured, Hovensa Coker Project, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.50%, 7/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>500</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>477,365</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,529,285</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Virginia &#151; 6.5%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Celebrate North Community Development Authority,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Special Assessment Bonds, Celebrate Virginia North</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Project, Series B, 6.60%, 3/01/25 (d)(e)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>60</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>40,079</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Charles City County EDA, RB, Waste Management, Inc.</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h)</FONT></TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,736,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Mecklenburg County IDA Virginia, Refunding RB, Exempt</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Facility, UAE LP Project, AMT, 6.50%, 10/15/17</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,531,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Russell County IDA, Refunding RB, Appalachian Power,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series K, 4.63%, 11/01/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,089,180</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>20,397,709</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Washington &#151; 0.1%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Washington Health Care Facilities Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Providence Health &amp; Services B, 5.00%, 10/01/20</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>250</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>285,432</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 63%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 12%"></TD>
     <TD STYLE="width: 2%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Wisconsin &#151; 2.9%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Wisconsin, Refunding RB, Series A,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.25%, 5/01/20</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,173,570</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Wisconsin Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Froedtert &amp; Community Health, Inc., 5.00%, 4/01/20</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,515</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,676,135</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Wheaton Franciscan Services, Series A,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.50%, 8/15/17</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,880</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,951,078</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Wheaton Franciscan Services, Series A,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.50%, 8/15/18</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,190</FONT></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"><FONT color=#231f20>3,256,161</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,056,944</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds &#151; 153.0%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>477,771,454</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="7" STYLE="border-top: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Municipal Bonds Transferred to</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts (i)</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Illinois &#151; 1.8%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois, Refunding RB, Second Lien (AGM),</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>5.00%, 11/01/20</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,540,600</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Municipal Bonds Transferred to</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts &#151; 1.8%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5,540,600</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Long-Term Investments</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 4px; border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $473,569,864) &#151; 154.8%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>483,312,054</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="7" STYLE="border-top: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Short-Term Securities</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Shares</FONT></B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>FFI Institutional Tax-Exempt Fund, 0.01% (j)(k)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>153,138</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>153,138</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Short-Term Securities</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 4px; border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $153,138) &#151; 0.1%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>153,138</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Investments (Cost &#151; $473,723,002*) &#151; 154.9%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>483,465,192</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Other Assets Less Liabilities &#151; 2.0%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>6,323,510</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liability for TOB Trust Certificates, Including Interest</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><B><FONT color=#231f20>Expense and Fees Payable &#151; (1.2)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>(3,753,384</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMPS, at Redemption Value &#151; (55.7)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="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"><FONT color=#231f20>(173,854,706</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>312,180,612</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 81%"></TD>
     <TD STYLE="width: 3%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 12%"></TD>
     <TD STYLE="width: 2%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>469,421,624</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>21,620,894</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(11,327,326</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized appreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10,293,568</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional
investors.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Issuer filed for bankruptcy and/or is in default of interest
payments.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Non-income producing security.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(g)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Security is perpetual in nature and has no stated maturity
date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(h)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<A name="page_24"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="55%"></TD>
     <TD width="44%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(i)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Trust 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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(j)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 21%"></TD>
     <TD STYLE="width: 19%"></TD>
     <TD STYLE="width: 14%"></TD>
     <TD STYLE="width: 7%"></TD>
     <TD STYLE="width: 19%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 11%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>October 31,</B><BR>
<B>2011</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>FFI Institutional</FONT></TD>
     <TD STYLE="text-align: 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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 12pt; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Tax-Exempt Fund</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>3,220,721</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(3,067,583</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>153,138</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>814</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(k)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad
levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left"><FONT STYLE="color: #231f20">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust&#146;s perceived risk of investing in those securities. For information about the Trust&#146;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Valuation Inputs</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231f20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Level 1</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231f20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Level 2</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231f20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Level 3</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: #231f20; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; font-weight: bold; text-align: left">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&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 STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">Investments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&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 STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">Long-Term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; color: #231f20; text-align: left; text-indent: 24px">Investments1</TD><TD STYLE="width: 3%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #231f20; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231f20; text-align: right">483,312,054</TD><TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: #231f20; text-align: center">&mdash;</TD><TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 10%; color: #231f20; text-align: right">483,312,054</TD><TD STYLE="width: 1%; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; text-indent: 8px">Short-Term</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&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 STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: 24px">Securities</TD><TD STYLE="color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">153,138</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: center">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">153,138</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; font-weight: bold; text-align: left; padding-bottom: 2pt">Total</TD><TD STYLE="color: #231f20; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: right">153,138</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: right">483,312,054</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: center">&mdash;</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; border-bottom: Black 2pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: right">483,465,192</TD><TD STYLE="border-bottom: Black 2pt solid; color: #231f20; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
state or political subdivision.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_25"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="37%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">October 31, 2011 (Unaudited)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 64%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 14%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Alabama &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Alabama State Docks Department, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>6.00%, 10/01/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,080</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,379,554</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arizona &#151; 3.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Salt River Project Agricultural Improvement &amp; Power</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>District, RB, Series A, 5.00%, 1/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,765</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,996,341</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Salt Verde Financial Corp., RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.00%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,030</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,231,813</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.00%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,460</FONT></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"><FONT color=#231f20>8,565,746</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>22,793,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arkansas &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Little River Arkansas, Refunding RB, Georgia-</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,255</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,228,862</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 25.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Bay Area Toll Authority, Refunding RB, San Francisco</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Bay Area, Series F-1, 5.63%, 4/01/44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,445</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,813,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California County Tobacco Securitization Agency, RB, CAB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Stanislaus, Sub-Series C, 6/01/55 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>17,855</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>179,978</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Health Facilities Financing Authority, Refunding</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>RB, Sutter Health, Series B, 6.00%, 8/15/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,230</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,793,067</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California HFA, RB, Home Mortgage, Series G,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.50%, 8/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,260</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,342,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California State Public Works Board, RB, Various Capital</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Projects, Sub-Series 1, 6.38%, 11/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,315</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,544,393</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Statewide Communities Development Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>RB, Health Facility Memorial Health Services, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.50%, 10/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,037,650</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Lincoln California, Special Tax Bonds, Community</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Facilities District No. 2003-1, 6.00%, 9/01/34 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,115</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,457,339</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Foothill Eastern Transportation Corridor Agency California,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Refunding RB, CAB (a):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.09%, 1/15/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>54,635</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14,525,808</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.09%, 1/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>75,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,407,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Foothill-De Anza Community College District, GO, Series C,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 8/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,432,320</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Golden State Tobacco Securitization Corp. California, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series 2003, A-1, 6.63%, 6/01/13 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,475,050</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Department of Airports, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.25%, 5/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,560</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,664,879</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Department of Airports, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Senior Los Angeles International Airport, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 5/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,690</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,303,608</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Regional Airports Improvement Corp.</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>California, Refunding RB, Facilities LAXFUEL Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>LA International, AMT (AMBAC), 5.50%, 1/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13,320</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,816,770</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Unified School District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series D, 5.25%, 7/01/25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,490</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,896,166</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Murrieta Community Facilities District Special Tax</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>California, Special Tax Bonds, District No. 2,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>The Oaks Improvement Area A, 6.00%, 9/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,766,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of California, GO, Various Purpose:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.00%, 3/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,970</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,593,238</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>6.50%, 4/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>20,410</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>23,798,264</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 30pt; text-align: left"><FONT color=#231f20>5.00%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,935</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,916,483</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of California, RB, Limited Project, Series B,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.75%, 5/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,840</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,895,891</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>West Valley-Mission Community College District, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Election of 2004, Series A (AGM), 4.75%, 8/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,015</FONT></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"><FONT color=#231f20>4,108,951</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>152,770,935</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 1.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Colorado Springs Colorado, RB, Subordinate Lien,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Improvement, Series C (AGM), 5.00%, 11/15/45</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,115</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,171,682</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Catholic Health, Series A, 5.50%, 7/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,205</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,405,368</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 63%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 2%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 14%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 2%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 15%; text-align: right; vertical-align: bottom"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Colorado (concluded)</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Park Creek Metropolitan District Colorado, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,530</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,392,773</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>8,969,823</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Connecticut &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Connecticut State Health &amp; Educational Facility Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Ascension Health Senior Credit, 5.00%, 11/15/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,710</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,783,929</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Delaware &#151; 1.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>River Project, 6.00%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,225</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,238,016</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Power, 5.38%, 10/01/45</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,950</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>7,290,786</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>9,528,802</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>District of Columbia &#151; 4.6%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>District of Columbia, Refunding RB, Friendship Public</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Charter School, Inc. (ACA), 5.25%, 6/01/33</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,390</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,985,492</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>District of Columbia Tobacco Settlement Financing Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Asset-Backed, 6.75%, 5/15/40</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>23,035</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>22,605,628</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Metropolitan Washington Airports Authority, RB, First</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Senior Lien, Series A:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>990</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,025,294</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.25%, 10/01/44</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,545</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,605,749</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>27,222,163</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Florida &#151; 5.2%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Miami-Dade Florida, RB, Water &amp; Sewer System,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.00%, 10/01/34</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,625</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>6,920,276</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Miami-Dade Florida, Refunding RB, Miami</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>International Airport, Series A-1, 5.38%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,280</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,344,114</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Highlands County Florida Health Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series 2006-G, 5.13%, 11/15/32 (c)</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,010,360</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Medical Center of Florida, 6.75%, 11/15/21</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,575</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>6,792,632</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,450</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,657,726</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Stevens Plantation Community Development District,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Special Assessment Bonds, Series A, 7.10%, 5/01/35</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,958,800</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Village Community Development District No. 6, Special</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Assessment Bonds, 5.63%, 5/01/22</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,035</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>6,068,977</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>30,752,885</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Georgia &#151; 1.8%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>DeKalb Private Hospital Authority, Refunding RB, Children&#146;s</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Healthcare, 5.25%, 11/15/39</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,695,688</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Metropolitan Atlanta Rapid Transit Authority, RB, Third</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series, 5.00%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>5,212,950</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Richmond County Development Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>International Paper Co. Project, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.00%, 2/01/25</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,049,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>10,958,038</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Guam</FONT></B> <B>&#151; 0.7</B><B>%</B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Territory of Guam, GO, Series A:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 11/15/19</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,245</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,267,173</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.75%, 11/15/29</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,775</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,829,901</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>7.00%, 11/15/39</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,255</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,300,431</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,397,505</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Hawaii &#151; 0.5%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT color=#231f20>State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,660</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>2,795,846</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Illinois &#151; 10.7%</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Chicago Illinois, RB, General, Third Lien, Series C,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.50%, 1/01/41</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,385</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>13,097,532</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Chicago Illinois Board of Education, GO:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.50%, 12/01/39</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,110</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,354,545</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 12/01/41</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,355</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>1,350,759</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 25 -->
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<A name="page_26"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="6%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Illinois (concluded)</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Chicago Illinois Transit Authority, RB, Sales Tax</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Receipts Revenue, 5.25%, 12/01/40</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>2,055</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>2,116,547</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois Finance Authority, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Advocate Health Care, Series C, 5.38%, 4/01/44</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,630</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,887,246</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>MJH Education Assistance IV LLC, Sub-Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.38%, 6/01/35 (d)(e)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,675</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>334,933</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Navistar International Recovery Zone,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>6.50%, 10/15/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,010</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,105,206</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Illinois Finance Authority, Refunding RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left colSpan=2><FONT color=#231f20>Central DuPage Health, Series B, 5.50%, 11/01/39</FONT></TD>
     <TD align=right><FONT color=#231f20>3,160</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,271,548</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Elmhurst Memorial Healthcare, 5.63%, 1/01/28</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,999,910</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Friendship Village Schaumburg, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.63%, 2/15/37</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>845</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>688,024</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Metropolitan Pier &amp; Exposition Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>McCormick Place Expansion Project, (AGM):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Series B, 5.00%, 6/15/50</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,905</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,800,619</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Series B-2, 5.00%, 6/15/50</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,155</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,000,509</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Railsplitter Tobacco Settlement Authority, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>5.50%, 6/01/23</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,625</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,770,898</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>6.00%, 6/01/28</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,245</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,334,396</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>State of Illinois, RB, Build Illinois, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.25%, 6/15/34</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,240</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,297,759</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Village of Bolingbrook Illinois, GO, Refunding, Series B</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>(NPFGC) (a):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>6.01%, 1/01/33</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,820</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,808,596</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>6.01%, 1/01/34</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>14,085</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>3,508,292</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>63,727,319</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Indiana &#151; 4.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Vincennes Indiana, Refunding RB, Southwest</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Indiana Regional Youth Village, 6.25%, 1/01/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,030</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,799,189</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Finance Authority, RB, Sisters of St. Francis</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Health, 5.25%, 11/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,655</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,686,379</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Finance Authority Wastewater Utility, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.25%, 10/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,080</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,285,898</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Indiana Health Facility Financing Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Methodist Hospital, Inc., 5.50%, 9/15/31</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>9,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>7,786,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Indiana Municipal Power Agency, RB, Series B,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>6.00%, 1/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,150</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,346,918</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Indianapolis Local Public Improvement Bond Bank, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series K, 5.00%, 6/01/27</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,640</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,731,801</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Petersburg Indiana, RB, Indiana Power &amp; Light, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.90%, 12/01/24</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>5,103,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>25,741,065</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Kansas &#151; 0.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kansas Development Finance Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Sisters of Leavenworth, Series A, 5.00%, 1/01/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,275</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,309,781</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Kentucky &#151; 0.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, Owensboro Medical Health System,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Series A, 6.38%, 6/01/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,490</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,556,409</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Louisiana &#151; 1.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Louisiana Local Government Environmental Facilities</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>&amp; Community Development Authority, RB, Westlake</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Chemical Corp., Series A-1, 6.50%, 11/01/35</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,535</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,811,823</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Maryland &#151; 1.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Maryland EDC, RB, Transportation Facilities Project,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Series A, 5.75%, 6/01/35</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>855</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>845,920</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.75%, 9/01/25</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,760</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,766,969</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Maryland Health &amp; Higher Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Refunding RB, Charlestown Community, 6.25%, 1/01/41</FONT></TD>
     <TD align=right><FONT color=#231f20>4,295</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,464,524</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Montgomery County Housing Opportunities Commission,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, Series D, AMT, 5.50%, 1/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>920</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>978,383</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 61%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 4%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 11%">&nbsp;</TD>
     <TD STYLE="text-align: left; width: 6%; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 3%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 15%"><FONT color=#231f20>8,055,796</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="5%"></TD>
     <TD width="10%"></TD>
     <TD width="5%"></TD>
     <TD width="4%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Massachusetts &#151; 2.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Massachusetts Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, Partners Healthcare, Series J1,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.00%, 7/01/39</FONT></TD>
     <TD align=right><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>3,535</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>3,606,937</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Massachusetts State School Building Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Sales Tax Revenue, Series B, 5.00%, 10/15/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,865</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>9,466,756</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>13,073,693</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Michigan &#151; 1.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Bronson Methodist Hospital, 5.50%, 5/15/36</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,700</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,716,362</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Lansing Board of Water &amp; Light, RB, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.50%, 7/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,870</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,158,952</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Michigan State Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Henry Ford Health System, Series A, 5.25%, 11/15/46</FONT></TD>
     <TD align=right><FONT color=#231f20>4,230</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>4,090,579</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,965,893</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Mississippi &#151; 2.4%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>City of Gulfport Mississippi, RB, Memorial Hospital at</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Gulfport Project, Series A, 5.75%, 7/01/31</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>14,025</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>14,029,348</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Missouri &#151; 0.3%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Missouri State Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>RB, Senior Living Facilities, Lutheran Senior Home,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>5.50%, 2/01/42</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,035</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,893,568</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Multi-State &#151; 2.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Centerline Equity Issuer Trust, 6.80%, 10/31/52 (f)(g)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>16,000</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>17,312,320</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Nebraska &#151; 0.7%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Douglas County Hospital Authority No. 2, RB, Health</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</FONT></TD>
     <TD align=right><FONT color=#231f20>3,280</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,369,347</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Lancaster County Hospital Authority No. 1, RB, Immanuel</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Obligation Group, 5.63%, 1/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>600</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>608,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,978,119</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>Nevada &#151; 0.8%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>School Nevada Project, 5.00%, 5/15/29</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,550</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,619,979</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>New Hampshire &#151; 0.6%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>New Hampshire Health &amp; Education Facilities Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>RB, Exeter Project, 5.75%, 10/01/31</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,500</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,538,115</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>New Jersey &#151; 9.0%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Middlesex County Improvement Authority, RB, Heldrich</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,680</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>331,163</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>New Jersey EDA, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Cigarette Tax, 5.75%, 6/15/29</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>15,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>15,097,310</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left colSpan=2><FONT color=#231f20>Continental Airlines, Inc. Project, AMT, 6.25%, 9/15/29</FONT></TD>
     <TD align=right><FONT color=#231f20>3,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,836,410</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>Continental Airlines, Inc. Project, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>7.00%, 11/15/30 (c)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>15,410</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>15,407,535</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>New Jersey EDA, Special Assessment Bonds, Refunding,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Kapkowski Road Landfill Project, 6.50%, 4/01/28</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,295,520</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>New Jersey Transportation Trust Fund Authority, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Transportation System, Series A, 5.50%, 6/15/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>8,638,240</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Tobacco Settlement Financing Corp. New Jersey,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Refunding RB, Series 1A, 4.50%, 6/01/23</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,135</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2,846,329</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>53,452,507</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT color=#394c87>New York &#151; 6.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Albany Industrial Development Agency, RB, New Covenant</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)</FONT></TD>
     <TD align=right><FONT color=#231f20>1,820</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>455,073</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Hudson New York Yards Infrastructure Corp., RB, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>5.75%, 2/15/47</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,135</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,319,683</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Metropolitan Transportation Authority, Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Transportation, Series D, 5.25%, 11/15/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,375</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,489,855</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>New York City Industrial Development Agency, RB, American</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left><FONT color=#231f20>Airlines, Inc., JFK International Airport, AMT (c):</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left><FONT color=#231f20>8.00%, 8/01/28</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>4,625,150</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 30pt" align=left width="62%"><FONT color=#231f20>7.75%, 8/01/31</FONT></TD>
     <TD align=left width="5%">&nbsp;</TD>
     <TD align=right width="10%"><FONT color=#231f20>22,140</FONT></TD>
     <TD align=left width="5%"></TD>
     <TD align=left width="4%">&nbsp;</TD>
     <TD align=right width="13%"><FONT color=#231f20>20,480,164</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
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<A name="page_27"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD WIDTH="64%" STYLE="text-align: left; vertical-align: bottom"></TD>
     <TD width="3%"></TD>
     <TD width="11%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>New York (concluded)</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>New York Liberty Development Corp., Refunding RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Second Priority, Bank of America Tower at One Bryant</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Park Project, 6.38%, 7/15/49</FONT></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD align=right><FONT color=#231f20>2,400</FONT></TD>
     <TD align=left></TD>
     <TD align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>2,490,408</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Port Authority of New York &amp; New Jersey, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>JFK International Air Terminal:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 12/01/36</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,525</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>2,614,183</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 12/01/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1,960</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>2,049,611</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>State of New York Dormitory Authority, RB, North Shore</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Long Island Jewish, Series A, 5.00%, 5/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,470</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="text-indent: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>2,443,695</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>40,967,822</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>North Carolina &#151; 3.9%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Gaston County Industrial Facilities &amp; Pollution Control</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Financing Authority North Carolina, RB, Exempt</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Facilities National Gypsum Co. Project, AMT,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.75%, 8/01/35</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>12,130</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>9,420,643</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Carolina Capital Facilities Finance Agency, RB,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Duke University Project, Series B, 5.00%, 10/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT color=#231f20>10,815,900</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Carolina Medical Care Commission, RB, Duke</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>University Health System, Series A, 5.00%, 6/01/42</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>2,750</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="text-indent: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>2,796,750</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>23,033,293</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Ohio &#151; 2.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Allen Ohio, Refunding RB, Catholic Healthcare,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Series A, 5.25%, 6/01/38</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,125</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>6,175,225</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>County of Montgomery Ohio, Refunding RB, Catholic</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Healthcare, Series A, 5.00%, 5/01/39</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,450</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>5,511,149</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pinnacle Community Infrastructure Financing Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Facilities, Series A, 6.25%, 12/01/36</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,760</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="text-indent: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>3,069,401</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>14,755,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Oklahoma &#151; 1.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px; border-bottom: Black 1pt solid"><FONT color=#231f20>Put Bonds, AMT, 7.75%, 6/01/35 (c)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,175</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>6,602,076</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Pennsylvania &#151; 2.2%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Allegheny County Hospital Development Authority,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Health System, West Penn, Series A,</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.38%, 11/15/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>2,461,410</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Pennsylvania Economic Development Financing</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Authority, RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Amtrak Project, Series A, AMT, 6.38%, 11/01/41</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,500</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>6,501,430</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,725</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="text-indent: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>3,913,485</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>12,876,325</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Puerto Rico &#151; 4.1%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., RB:</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>CAB, Series A, 6.66%, 8/01/33 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>12,670</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>3,336,391</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>CAB, Series A, 6.67%, 8/01/36 (a)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>40,000</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>8,534,400</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>First Sub-Series A, 6.50%, 8/01/44</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>10,900</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>12,274,163</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>24,144,954</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>South Carolina &#151; 2.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>South Carolina Jobs-EDA, Refunding RB, Palmetto Health</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Alliance, Series A, 6.25%, 8/01/31</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>5,075</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>5,147,268</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>South Carolina State Ports Authority, RB, 5.25%, 7/01/40</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>6,455</FONT></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>6,808,347</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>South Carolina State Public Service Authority, Refunding</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Santee Cooper Project, Series C, 5.00%, 12/01/36</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>3,015</FONT></TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="text-indent: 8px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>3,239,738</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>15,195,353</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Tennessee &#151; 0.5%</FONT></B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Knox County Health Educational &amp; Housing Facilities</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Board Tennessee, Refunding RB, CAB, Series A</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px; width: 64%; border-bottom: Black 1pt solid"><FONT color=#231f20>(AGM), 1/01/20 (a)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 3%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; width: 11%"><FONT color=#231f20>5,055</FONT></TD>
     <TD STYLE="text-align: left; width: 5%; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 3%">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: left; width: 14%"><FONT color=#231f20>3,253,449</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 64%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 11%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Texas &#151; 16.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>8.25%, 10/01/30</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,370</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,179,725</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Brazos River Authority, Refunding RB, TXU Electric Co.</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Project, Series C, Mandatory Put Bonds, AMT,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.75%, 5/01/36 (c)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,625</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,625,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Central Texas Regional Mobility Authority, RB, Senior Lien,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.25%, 1/01/46</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,210</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,281,486</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,970</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,223,281</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Houston Texas, RB, Senior Lien, Series A,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.50%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,185,130</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Houston Texas, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Combined First Lien, Series A (AGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>6.00%, 11/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16,425</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18,751,108</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Refunding Sub Lien Series A, AMT, 5.00%, 7/01/22</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,020</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,354,953</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Harris County Texas Metropolitan Transit Authority Sales</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>&amp; Use Tax, RB, Series A, 5.00%, 11/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,650</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,103,197</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Harris County-Houston Sports Authority, Refunding RB</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>(NPFGC) (a):</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>CAB, Junior Lien, Series H, 6.12%, 11/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>851,700</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>CAB, Senior Lien, Series A, 5.95%, 11/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,580</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,037,583</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Third Lien, Series A-3, 5.97%, 11/15/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>26,120</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,792,363</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Lower Colorado River Authority, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>LCRA Transmission Services Project (AMBAC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>4.75%, 5/15/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>140</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>140,008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Prerefunded, Series A (NPFGC), 5.00%, 5/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,353</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Prerefunded-2009 (NPFGC), 5.00%, 5/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>70</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>74,941</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>North Texas Tollway Authority, RB, Toll Second Tier, Series F,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>6.13%, 1/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,180</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,758,550</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>San Antonio Energy Acquisition Public Facility Corp., RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Gas Supply, 5.50%, 8/01/25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,540</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,815,465</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Tarrant County Cultural Education Facilities Finance Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,930</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,487,717</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Texas Private Activity Bond Surface Transportation Corp.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>RB, Senior Lien:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Senior Lien Infrastructure, 7.00%, 6/30/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,975</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,573,843</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Senior Lien, NTE Mobility Partners LLC, North Tarrant</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Express Managed Lanes Project, 6.88%, 12/31/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,500</FONT></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"><FONT color=#231f20>6,935,695</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>98,177,098</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Utah &#151; 1.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Riverton Utah, RB, IHC Health Services, Inc.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px; border-bottom: Black 1pt solid"><FONT color=#231f20>5.00%, 8/15/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,150</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,246,168</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Virginia &#151; 0.8%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.50%, 2/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,240</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,240,202</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Virginia Commonwealth Transportation Board, RB, CAB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Contract, Route 28 (NPFGC), 4/01/32 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,105</FONT></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"><FONT color=#231f20>2,780,258</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,020,460</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Washington &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Washington Health Care Facilities Authority, RB, Swedish</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Health Services, Series A, 6.75%, 11/15/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,900</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,297,527</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><B><FONT color=#394c87>Wisconsin &#151; 2.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Wisconsin Health &amp; Educational Facilities Authority, RB:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Ascension Health Senior Care Group,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 11/15/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,210</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,345,783</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Ascension Health Senior Care Group,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>5.00%, 11/15/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,640</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,694,776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 30pt"><FONT color=#231f20>Aurora Health, Senior Credit Group, 6.40%, 4/15/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,652,775</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom"><FONT color=#231f20>Wisconsin Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>Refunding RB, Froedtert &amp; Community Health, Inc.,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom; text-indent: 24px"><FONT color=#231f20>5.38%, 10/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,205</FONT></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"><FONT color=#231f20>1,213,772</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>13,907,106</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><B><FONT color=#231f20>Total Municipal Bonds &#151; 131.3%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>781,125,383</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 27 -->
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<A name="page_28"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</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><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%; text-align: right; vertical-align: bottom"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><B><FONT color=#231f20>Municipal Bonds Transferred to<BR>
Tender Option Bond Trusts (h)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Alabama Special Care Facilities Financing Authority-</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Birmingham, Refunding RB, Ascension Health Senior</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Credit, Series C-2, 5.00%, 11/15/36</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>4,548</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,629,104</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 6.4%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Educational Facilities Authority, RB, University</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>of Southern California, Series B, 5.25%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,115</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>5,526,706</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Election of 2001, Series A (AGM), 5.00%, 8/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,500</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,721,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Diego Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Election of 2002, 5.25%, 8/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,260</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>3,552,204</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Francisco City &amp; County Public Utilities Commission,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>RB, Series B, 5.00%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18,540</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>19,359,654</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of California, RB, Series C (NPFGC),</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>4.75%, 5/15/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,000</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>5,029,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>38,189,924</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 2.1%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, RB, Catholic Health:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series C-3 (AGM), 5.10%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,600</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>7,700,548</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series C-7, 5.00%, 9/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,860</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,924,541</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>12,625,089</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Connecticut &#151; 3.3%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Connecticut State Health &amp; Educational Facility Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>RB, Yale University:</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series T-1, 4.70%, 7/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,400</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>10,023,596</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 30pt"><FONT color=#231f20>Series X-3, 4.85%, 7/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,360</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>9,836,892</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>19,860,488</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Massachusetts &#151; 1.2%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Massachusetts Water Resources Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>General, Series A, 5.00%, 8/01/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,770</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>7,030,171</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Hampshire &#151; 0.7%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Hampshire Health &amp; Education Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,988</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>4,410,227</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 6.5%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series FF-2, 5.50%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,074</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>3,387,213</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, Water</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>&amp; Sewer, RB, Second General Resolution, Series HH,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 6/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16,393</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>17,745,320</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York State Dormitory Authority, ERB, Series F,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 3/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16,708</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>17,293,017</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>38,425,550</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Virginia &#151; 2.0%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of Virginia, Refunding RB, General,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>5.00%, 6/01/40</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>10,769</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>11,599,282</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Washington &#151; 3.6%</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Central Puget Sound Regional Transit Authority, RB,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series A (AGM), 5.00%, 11/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,459</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; text-align: right; vertical-align: bottom"><FONT color=#231f20>5,759,528</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Washington, GO, Various Purpose, Series E,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 2/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14,487</FONT></TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>15,664,994</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="TEXT-INDENT: 8px; border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>21,424,522</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Municipal Bonds Transferred to</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts &#151; 26.6%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>158,194,357</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Long-Term Investments</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 4px; border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $933,072,187) &#151; 157.9%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="text-indent: 24px; border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>939,319,740</FONT></TD></TR></TABLE><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Short-Term Securities</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Michigan &#151; 1.1%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Michigan Finance Authority, RB, SAN, Detroit Schools,</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>Series A-1, 6.45%, 2/20/12</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,375</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,375,000</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center"><B><FONT color=#231f20>Shares</FONT></B></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Money Market Funds &#151; 1.6%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>FFI Institutional Tax-Exempt Fund, 0.01% (i)(j)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,709,537</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>9,709,537</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Short-Term Securities</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $16,084,537) &#151; 2.7%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>16,084,537</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Investments (Cost &#151; $949,156,724*) &#151; 160.6%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>955,404,277</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Other Assets Less Liabilities &#151; 0.3%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>1,720,615</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liability for TOB Trust Certificates, Including Interest</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><B><FONT color=#231f20>Expense and Fees Payable &#151; (15.3)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</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"><FONT color=#231f20>(91,240,056</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMPS, at Redemption Value &#151; (45.6)%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="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"><FONT color=#231f20>(270,882,783</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>595,002,053</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 80%"></TD>
     <TD STYLE="width: 2%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>856,680,620</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>37,548,880</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(30,031,189</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized appreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7,517,691</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Issuer filed for bankruptcy and/or is in default of interest
payments.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Non-income producing security.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(g)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional
investors.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(h)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Trust 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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(i)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="21%"></TD>
     <TD width="18%"></TD>
     <TD width="17%"></TD>
     <TD width="5%"></TD>
     <TD width="19%"></TD>
     <TD width="5%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>October 31,</B><BR>
<B>2011</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>FFI Institutional</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; border-bottom: #000000 1px solid; text-align: left; width: 21%"><FONT color=#231f20>Tax-Exempt Fund</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="18%"><FONT color=#231f20>30,616,864</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"><FONT color=#231f20>(20,907,327</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%"><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"><FONT color=#231f20>9,709,537</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="5%"><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"><FONT color=#231f20>4,411</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(j)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Financial futures contracts sold as of October 31, 2011
were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 19%; text-align: center; vertical-align: bottom"></TD>
     <TD STYLE="width: 19%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 22%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: #231f20"><B>Contracts </B></FONT></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: #231f20"><B>Issue</B></FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Exchange</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Expiration</FONT></B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: #231f20"><B>Notional<BR>
Value</B></FONT></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="color: #231f20"><B>Unrealized<BR>
</B></FONT><B> Appreciation</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>164</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT color=#231f20>10-Year US</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>Chicago Board</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>December</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</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; vertical-align: bottom"><FONT color=#231f20>Treasury Note</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>of Trade</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>2011</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>$21,166,250</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>$ 191,610</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_29"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="57%"></TD>
     <TD width="42%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure
hierarchy consisting of three broad levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments and derivative financial instruments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="text-align: left"><FONT STYLE="color: #231f20">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust&#146;s perceived risk of investing in those securities. For information about the Trust&#146;s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following tables summarize the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 39%"></TD>
     <TD STYLE="width: 3%; text-align: left; vertical-align: bottom"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 13%; text-align: center; vertical-align: bottom"></TD>
     <TD STYLE="width: 3%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 13%; text-align: right; vertical-align: bottom"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 1</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 2</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: bottom; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Investments:</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Long-Term</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Investments</FONT><SUP><FONT color=#231f20>1 </FONT></SUP><FONT color=#231f20>.</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>939,319,740</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: bottom"><FONT color=#231f20>939,319,740</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Short-Term</FONT></TD>
     <TD STYLE="text-align: left; vertical-align: bottom">&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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Securities</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>9,709,537</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,375,000</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>16,084,537</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9,709,537</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>945,694,740</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>955,404,277</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
state or political subdivision.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 39%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 13%; text-align: center; vertical-align: bottom"></TD>
     <TD STYLE="width: 3%; text-align: right; vertical-align: bottom"></TD>
     <TD STYLE="width: 13%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 1</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 2</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B><FONT color=#231f20>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3><FONT color=#231f20>Derivative Financial Instruments</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Interest rate</FONT> </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: center; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Contracts</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>191,610</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; vertical-align: bottom"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 8px; text-align: right; vertical-align: bottom"><FONT color=#231f20>191,610</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
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<A name="page_30"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 55%"></TD>
     <TD STYLE="width: 44%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">October 31, 2011 (Unaudited)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</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>Pennsylvania &#151; 122.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Corporate &#151; 4.4%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Beaver County IDA, Refunding RB, FirstEnergy, Mandatory</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Put Bonds, 3.38%, 1/01/35 (a)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200,440</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Montgomery County IDA Pennsylvania, RB, Philadelphia</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Presbytery Homes, 6.63%, 12/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>150</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>155,856</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Pennsylvania Economic Development Financing Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, Aqua Pennsylvania, Inc. Project, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>6.75%, 10/01/18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>725,406</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Pennsylvania Economic Development Financing Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Refunding RB, Aqua Pennsylvania, Inc. Project, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>AMT, 5.00%, 12/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>180</FONT></TD>
     <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"><FONT color=#231f20>185,290</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,266,992</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><B><FONT color=#394c87>County/City/Special District/School District &#151; 10.5%</FONT></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"><FONT color=#231f20>County of York Pennsylvania, GO, 5.00%, 3/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>105,319</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Delaware Valley Regional Financial Authority, RB, Series A</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>(AMBAC), 5.50%, 8/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,021,930</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Falls Township Pennsylvania, RB, Water &amp; Sewer Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>205,738</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Marple Newtown School District, GO (AGM),</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 6/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>659,892</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Owen J. Roberts School District, GO, 4.75%, 11/15/25</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>700</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>747,992</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Philadelphia School District, GO, Series E, 6.00%, 9/01/38</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>108,672</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Philipsburg Osceola Area School District Pennsylvania, GO</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>(AGM), 5.00%, 4/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>155</FONT></TD>
     <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"><FONT color=#231f20>158,105</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,007,648</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Education &#151; 14.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Adams County IDA, Refunding RB, Gettysburg College:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.00%, 8/15/24</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>108,703</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 8/15/25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>107,804</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Cumberland County Municipal Authority, RB, AICUP</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Financing Program, Dickinson College Project,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>208,568</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Delaware County Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Haverford College, 5.00%, 11/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>415</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>440,137</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Villanova University, 5.25%, 12/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>107,912</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px" align=left colSpan=2><FONT color=#231f20>Drexel University, Series A (NPFGC), 5.00%, 5/01/37</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>150</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>154,382</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Thomas Jefferson University, 5.00%, 3/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,040,010</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Drexel University, Series A, 5.25%, 5/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,180</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,237,572</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>State System of Higher Education, Series AL,</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.00%, 6/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>106,178</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>University of Pittsburgh Pennsylvania, RB, Capital Project,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series B, 5.00%, 9/15/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>610</FONT></TD>
     <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"><FONT color=#231f20>686,695</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4,197,961</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Health &#151; 43.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Allegheny County Hospital Development Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Health System, West Penn, Series A:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.00%, 11/15/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>208,310</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.38%, 11/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>470</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385,621</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Berks County Municipal Authority, Refunding RB, Reading</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Hospital &amp; Medical Center Project, Series A-3,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.50%, 11/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>532,245</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Bucks County IDA, Refunding RB, Pennswood Village</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Project, Series A, 6.00%, 10/01/34 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,150</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,220,104</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Centre County Hospital Authority, RB, Mount Nittany</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Medical Center Project, 7.00%, 11/15/46</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>390</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>427,339</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Cumberland County Municipal Authority, RB, Diakon</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Lutheran, 6.38%, 1/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>514,255</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Dauphin County General Authority, Refunding RB, Pinnacle</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Health System Project, Series A, 6.00%, 6/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>518,755</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%; text-align: left"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Par<BR>
(000<B>)</B></B></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;<B><FONT color=#231f20></FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Pennsylvania (continued)</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Health &#151; 43.8% (concluded)</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Franklin County IDA Pennsylvania, RB, Chambersburg</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Hospital Project, 5.38%, 7/01/42</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>415</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>415,108</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Lehigh County General Purpose Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Saint Luke&#146;s Bethlehem Hospital, 5.38%, 8/15/33 (b)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,174,200</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Lycoming County Authority, Refunding RB, Susquehanna</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Health System Project, Series A, 5.75%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>210</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>207,686</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Montgomery County Higher Education &amp; Health Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Abington Memorial Hospital, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.13%, 6/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>330</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>327,218</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Montgomery County IDA Pennsylvania, RB, Acts</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Retirement Life Community:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.25%, 11/15/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,193,087</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series A, 4.50%, 11/15/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>375</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>301,751</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, University of Pittsburgh Medical Center, Series E,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 5/15/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,024,410</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Philadelphia Hospitals &amp; Higher Education Facilities</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Authority, Refunding RB, Children&#146;s Hospital of</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Philadelphia, Series C, 5.00%, 7/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>940</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>958,716</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>South Fork Municipal Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Conemaugh Valley Memorial, Series B (AGC),</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.38%, 7/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>245</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>252,249</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Southcentral General Authority, Refunding RB, Wellspan</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Health Obligor Group, Series A, 6.00%, 6/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,371,325</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Union County Hospital Authority, Refunding RB, Evangelical</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Community Hospital Project, 7.00%, 8/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>460</FONT></TD>
     <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"><FONT color=#231f20>478,037</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12,510,416</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Housing &#151; 12.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania HFA, RB, AMT:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Series 94-A, 5.10%, 10/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>150</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>150,839</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series 95-A, 4.90%, 10/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>970</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>967,139</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania HFA, Refunding RB, Series 97A, AMT,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>4.65%, 10/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,300</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,255,709</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania HFA, Refunding RB, AMT:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>S/F Mortgage, Series 92-A, 4.75%, 4/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>110</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>108,758</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>S/F Mortgage, Series 113, 4.85%, 10/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>775</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>769,319</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series 99A, 5.15%, 4/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <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"><FONT color=#231f20>204,068</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,455,832</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>State</FONT></B> <B>&#151; 9.3</B><B>%</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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Commonwealth of Pennsylvania, GO, First Series:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.00%, 3/15/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>275</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>306,504</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 11/15/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,180</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,309,729</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Delaware River Port Authority, RB, Series D,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 1/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>750</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>772,245</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State Public School Building Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Harrisburg School District Project, Series A (AGC),</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 11/15/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>250</FONT></TD>
     <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"><FONT color=#231f20>262,640</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,651,118</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Transportation &#151; 23.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Philadelphia Pennsylvania, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,325</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,322,920</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Economic Development Financing Authority,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>RB, Amtrak Project, Series A, AMT:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>6.25%, 11/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000,780</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.38%, 11/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000,220</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Turnpike Commission, Sub-Series B,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 12/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>325</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>334,474</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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_31"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><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-align: right; font-size: 8pt; vertical-align: top"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</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>Pennsylvania (concluded)</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Transportation &#151; 23.9% (concluded)</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Turnpike Commission, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left"><FONT color=#231f20>Series A (AMBAC), 5.25%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>870</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>895,369</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series A, 5.13%, 12/01/26</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>107,078</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series A, 6.00%, 12/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>106,324</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series B, 5.25%, 6/01/24</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>270,615</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series B, 5.25%, 6/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>511,905</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Southeastern Pennsylvania Transportation Authority, RB,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Capital Grant Receipts:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 6/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>535</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>570,636</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 6/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>290</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>306,965</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 6/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385</FONT></TD>
     <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"><FONT color=#231f20>404,119</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,831,405</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Utilities &#151; 4.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Philadelphia Pennsylvania, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Ninth Series, 5.25%, 8/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>270</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>266,425</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series A, 5.25%, 1/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>104,358</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series C (AGM), 5.00%, 8/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>350</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>366,128</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Lycoming County Water &amp; Sewer Authority, RB (AGM),</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>5.00%, 11/15/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>101,987</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Economic Development Financing</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>American Water Co. Project, 6.20%, 4/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>210</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>232,850</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Philadelphia Biosolids Facility, 6.25%, 1/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>100</FONT></TD>
     <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"><FONT color=#231f20>104,939</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,176,687</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds in Pennsylvania</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>35,098,059</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Puerto Rico &#151; 13.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>State &#151; 10.6%</font></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Commonwealth of Puerto Rico, GO, Refunding,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series C-7 (NPFGC), 6.00%, 7/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>405,678</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Public Buildings Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Government Facilities, Series N, 5.00%, 7/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>300</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>285,012</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Public Finance Corp., RB, Commonwealth</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Appropriation, Series E, 5.50%, 8/01/29 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,215,588</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., RB, First</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20><FONT color=#231f20>Sub</FONT>-Series A, 6.38%, 8/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>1,108,340</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,014,618</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Utilities &#151; 2.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Aqueduct &amp; Sewer Authority, RB, Senior Lien,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A, 6.00%, 7/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>207,760</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Electric Power Authority, RB, Series WW,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.50%, 7/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <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"><FONT color=#231f20>510,295</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>718,055</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds in Puerto Rico</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>3,732,673</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Guam</FONT></B> <B>&#151; 0.5</B><B>%</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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>County/City/Special District/School District &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Territory of Guam, RB, Section 30, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>5.63%, 12/01/29</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>150</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>152,277</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds in Guam</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>152,277</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds &#151; 136.4%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>38,983,009</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds Transferred to</FONT></B><BR>
<B>Tender Option Bond Trusts (c)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Pennsylvania &#151; 36.2%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Education &#151; 8.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, University of Pennsylvania Health System,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.75%, 8/15/41</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>850</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>908,301</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Trustees of the University of Pennsylvania,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series C, 4.75%, 7/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>510,350</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania State University, RB, 5.00%, 3/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>1,070,220</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,488,871</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Health &#151; 13.2%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Geisinger Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Series A, 5.13%, 6/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>519,545</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series A, 5.25%, 6/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,038,086</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series A-1, 5.13%, 6/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,160</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,201,261</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Philadelphia Hospitals &amp; Higher Education Facilities</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Authority, Refunding RB, Jefferson Health System,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series B, 5.00%, 5/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>1,015,260</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,774,152</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Housing &#151; 3.4%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania HFA, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Series 96-A, AMT, 4.70%, 10/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>490</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>468,754</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>Series 105C, 5.00%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <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"><FONT color=#231f20>508,030</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>976,784</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>State &#151; 6.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Commonwealth of Pennsylvania, GO, First Series,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 3/15/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>825</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>928,449</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Turnpike Commission, RB, Series C of 2003</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>1,049,170</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,977,619</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Transportation &#151; 4.0%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Philadelphia Pennsylvania, RB, Series A, AMT</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>(AGM), 5.00%, 6/15/37</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,150</FONT></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"><FONT color=#231f20>1,135,211</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Municipal Bonds Transferred to</FONT></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>
     <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"><B><FONT color=#231f20>Tender Option Bond Trusts &#150; 36.2%</FONT></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-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"><FONT color=#231f20>10,352,637</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Investments (Cost &#151; $47,651,339*) &#151; 172.6%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>49,335,646</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Other Assets Less Liabilities &#151; 2.4%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>692,695</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liability for TOB Trust Certificates, Including Interest</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><B><FONT color=#231f20>Expense and Fees Payable &#151; (17.9)%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>(5,127,084</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMPS, at Redemption Value &#151; (57.1)%</FONT></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="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(16,325,509</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></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="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>28,575,748</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 80%"></TD>
     <TD STYLE="width: 2%; text-align: left"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>42,461,641</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,843,884</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(94,140</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized appreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1,749,744</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Trust 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.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</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: 12pt"><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_32"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="51%"></TD>
     <TD width="48%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>October 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BIF Pennsylvania</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Municipal Money</FONT></TD>
     <TD STYLE="text-align: 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: 24px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Fund</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>1,311,773</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>(1,311,773)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">For Trust compliance purposes, the Trust&#146;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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad
levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="color: #231f20">Changes in valuation
techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value
determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust&#146;s
perceived risk of investing in those securities. For information about the Trust&#146;s policy regarding valuation of investments
and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.&nbsp;</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="color: #231f20">The following table
summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments:&nbsp;&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT color=#231f20>Level 1</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT color=#231f20>Level 2</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT color=#231f20>Total</FONT></B></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></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"><FONT color=#231f20>Investments:</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Long-Term</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Investments</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$<FONT color=#231f20>49,335,646</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>$49,335,646</FONT></TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><B><FONT color=#231f20>Total</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center">&nbsp;&#151;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center">$<FONT color=#231f20>49,335,646</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT color=#231f20>$49,335,646</FONT></TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 6pt; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
sector.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_33"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="38%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">October 31, 2011 (Unaudited)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD STYLE="text-align: right; font-size: 8pt; vertical-align: top"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</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 STYLE="text-align: 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-align: left"><FONT color=#231f20>Alabama State Docks Department, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>6.00%, 10/01/40</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>655</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>703,090</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Alaska &#151; 1.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Northern Tobacco Securitization Corp., RB, Asset Backed</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>4.63%, 6/01/23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>785</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>722,263</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 6/01/46</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>480</FONT></TD>
     <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"><FONT color=#231f20>302,793</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,025,056</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arizona &#151; 2.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Salt River Project Agricultural Improvement &amp; Power</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>District, RB, Series A, 5.00%, 1/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>770</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>807,384</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,320</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,195,220</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Luis Facility Development Corp., RB, Senior Lien</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Regional Detention Center Project:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>6.25%, 5/01/15</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>175</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>170,140</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.00%, 5/01/20</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>210</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>206,947</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>7.25%, 5/01/27</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>420</FONT></TD>
     <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"><FONT color=#231f20>377,891</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,757,582</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Arkansas &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Little River Arkansas, Refunding RB, Georgia-</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Pacific Corp. Project, AMT, 5.60%, 10/01/26</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>525</FONT></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"><FONT color=#231f20>520,784</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 12.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Bay Area Toll Authority, Refunding RB, San Francisco</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Bay Area, Series F-1, 5.63%, 4/01/44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>720</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>779,767</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California County Tobacco Securitization Agency, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>CAB Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,095</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>31,198</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Health Facilities Financing Authority, Refunding</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, Sutter Health, Series B, 6.00%, 8/15/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,010</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,101,284</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California State Public Works Board, RB, Various Capital</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Projects, Sub-Series I-1, 6.38%, 11/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>375</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>412,159</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Department of Airports, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 5/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>266,807</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Department of Airports, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Senior, Los Angeles International Airport, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 5/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,875</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,973,419</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of California, GO, Various Purpose:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>6.00%, 3/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>800</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>900,320</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.50%, 4/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>650</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>757,906</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.00%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>960</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>957,005</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of California, RB, Limited Project, Series B,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>4.75%, 5/15/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,285</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,292,299</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>West Valley-Mission Community College District, GO,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Election of 2004, Series A (AGM), 4.75%, 8/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,350</FONT></TD>
     <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"><FONT color=#231f20>3,428,390</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>11,900,554</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 1.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A, Catholic Health, 5.50%, 7/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>680</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>712,402</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Park Creek Metropolitan District Colorado, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>440</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>416,134</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Regional Transportation District, COP, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.38%, 6/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>320</FONT></TD>
     <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"><FONT color=#231f20>339,274</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,467,810</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Delaware &#151; 2.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Sussex Delaware, RB, NRG Energy, Inc., Indian</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>River Project, 6.00%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>820</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>824,797</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Delaware State EDA, RB, Exempt Facilities, Indian River</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Power, 5.38%, 10/01/45</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,280</FONT></TD>
     <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"><FONT color=#231f20>1,173,862</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,998,659</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</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; 0.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Metropolitan Washington Airports Authority, RB, First</FONT></TD>
     <TD STYLE="text-align: 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-align: left"><FONT color=#231f20>Senior Lien, Series A:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>5.00%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>160</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>165,704</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>5.25%, 10/01/44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>465</FONT></TD>
     <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"><FONT color=#231f20>483,284</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>648,988</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Florida &#151; 8.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Arborwood Community Development District, Special</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Assessment Bonds, Master Infrastructure Projects,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Series B, 5.10%, 5/01/14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,355</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,146,899</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Miami-Dade Florida, Refunding RB, Miami</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>International Airport, Series A-1, 5.38%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>370</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>380,404</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Highlands County Florida Health Facilities,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>5.13%, 11/15/32 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,010,360</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Hillsborough County IDA, RB, National Gypsum Co.,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Series A, AMT, 7.13%, 4/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,300</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,940,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Miami Beach Health Facilities Authority, RB, Mount Sinai</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>Medical Center of Florida, 6.75%, 11/15/21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,095</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,131,245</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>720</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>753,610</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Sumter Landing Community Development District Florida,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>RB, Sub-Series, Series B, 5.70%, 10/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,515</FONT></TD>
     <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"><FONT color=#231f20>1,223,529</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>8,587,007</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Georgia &#151; 1.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>DeKalb Private Hospital Authority, Refunding RB, Children&#146;s</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>Healthcare, 5.25%, 11/15/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>265</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>272,338</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Metropolitan Atlanta Rapid Transit Authority, RB, Third</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Series, 5.00%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,095</FONT></TD>
     <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"><FONT color=#231f20>1,141,636</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,413,974</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Guam &#151; 0.5%</font></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Territory of Guam, GO, Series A:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>6.00%, 11/15/19</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>203,562</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>6.75%, 11/15/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>290</FONT></TD>
     <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"><FONT color=#231f20>298,970</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>502,532</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Hawaii &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>425</FONT></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"><FONT color=#231f20>446,705</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Illinois &#151; 15.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>General Third Lien, Series A, 5.75%, 1/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,637,115</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>General, Third Lien, Series C, 6.50%, 1/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,855</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,134,029</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois, RB, General Third Lien, Series A,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>5.63%, 1/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>800</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>864,440</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois Board of Education, GO,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>5.00%, 12/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>205</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>204,358</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois Transit Authority, RB, Sales Tax</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Receipts Revenue, 5.25%, 12/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>330</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>339,884</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Chicago Illinois, Board of Education, GO,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>5.50%, 12/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>625</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>662,187</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Illinois Finance Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>MJH Education Assistance IV LLC, Sub-Series B,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>5.38%, 6/01/35 (c)(d)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>300</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>59,988</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Northwestern University, 5.00%, 12/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,626,975</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Illinois Finance Authority, Refunding RB:</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Central DuPage Health, Series B, 5.50%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,588,250</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Friendship Village Schaumburg, Series A,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>5.63%, 2/15/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>145</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>118,063</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Metropolitan Pier &amp; Exposition Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>McCormick Place Expansion Project (AGM):</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>CAB, Series B, 6.25%, 6/15/44 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,980</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>411,776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series B, 5.00%, 6/15/50</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>990</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>965,151</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series B-2, 5.00%, 6/15/50</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>785</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>764,017</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 33 -->
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<A name="page_34"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD STYLE="text-align: right; font-size: 8pt; vertical-align: top"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt 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 STYLE="text-align: 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-align: left"><FONT color=#231f20>Railsplitter Tobacco Settlement Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.50%, 6/01/23</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>175</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>184,727</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 6/01/28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>940</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>977,431</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Illinois, RB, Build Illinois, Series B,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 6/15/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>200</FONT></TD>
     <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"><FONT color=#231f20>209,316</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14,747,707</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Indiana &#151; 2.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Indiana Finance Authority, RB, Sisters of St. Francis Health,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>270</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>275,119</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Indiana Finance Authority, Refunding RB, Ascension</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Health Senior Credit, Series B-5, 5.00%, 11/15/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>507,995</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Indiana Finance Authority Wastewater Utility, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 10/01/38</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>533,425</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Indiana Health Facility Financing Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Methodist Hospital, Inc., 5.38%, 9/15/22</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,060</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>988,715</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Indiana Municipal Power Agency, RB, Series B,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>6.00%, 1/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>350</FONT></TD>
     <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"><FONT color=#231f20>382,057</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,687,311</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Kansas &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kansas Development Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Sisters of Leavenworth, Series A, 5.00%, 1/01/40</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>450</FONT></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"><FONT color=#231f20>454,779</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Kentucky &#151; 8.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Norton Healthcare, Inc., Series B (NPFGC),</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>6.20%, 10/01/24 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>16,330</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,056,896</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kentucky Economic Development Finance Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Owensboro Medical Health System,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A, 6.38%, 6/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>320</FONT></TD>
     <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"><FONT color=#231f20>334,262</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>8,391,158</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Louisiana &#151; 2.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Louisiana Local Government Environmental Facilities</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>&amp; Community Development Authority, RB, Westlake</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Chemical Corp., Series A-1, 6.50%, 11/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,055</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,099,690</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Parish of Saint John Baptist Louisiana, RB, Marathon</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Oil Corp., Series A, 5.13%, 6/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>968,930</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,068,620</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Maryland &#151; 1.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Maryland EDC, RB, Transportation Facilities Project,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A, 5.75%, 6/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>135</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>133,566</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.75%, 9/01/25</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,003,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Maryland Health &amp; Higher Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Refunding RB, Charlestown Community, 6.25%, 1/01/41</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>690</FONT></TD>
     <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"><FONT color=#231f20>717,235</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,854,761</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Massachusetts &#151; 2.2%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Massachusetts Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Partners Healthcare, Series J1,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>570</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>581,600</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Massachusetts State School Building Authority, RB, Sales</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Tax Revenue, 5.00%, 10/15/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,430</FONT></TD>
     <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"><FONT color=#231f20>1,527,068</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,108,668</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Michigan &#151; 2.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Kalamazoo Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Bronson Methodist Hospital, 5.50%, 5/15/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>435</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>437,636</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Lansing Board of Water &amp; Light, RB, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.50%, 7/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>465</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>511,816</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Michigan State Hospital Finance Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Henry Ford Health System, Series A, 5.25%, 11/15/46</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>730</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>705,939</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Royal Oak Hospital Finance Authority Michigan, Refunding</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, William Beaumont Hospital, 8.25%, 9/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>1,186,060</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,841,451</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Missouri &#151; 0.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Missouri State Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>RB, Senior Living Facilities, Lutheran Senior Home,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>5.50%, 2/01/42</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>330</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>307,065</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nebraska &#151; 0.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Douglas County Hospital Authority No. 2, RB, Health</FONT></TD>
     <TD STYLE="text-align: 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: 8px; BORDER-BOTTOM: #000000 1px solid" align=left colSpan=2><FONT color=#231f20>Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>720</FONT></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"><FONT color=#231f20>739,613</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Nevada &#151; 0.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>County of Clark Nevada, Refunding RB, Alexander Dawson</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>School Nevada Project, 5.00%, 5/15/29</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>880</FONT></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"><FONT color=#231f20>893,534</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Jersey &#151; 7.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Middlesex County Improvement Authority, RB, Subordinate</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Heldrich, Center Hotel, Series B, 6.25%, 1/01/37 (c)(d)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>645</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>58,044</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Jersey EDA, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>Cigarette Tax, 5.50%, 6/15/24</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,790</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,761,127</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Continental Airlines, Inc. Project, AMT, 6.40%, 9/15/23</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,810</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,767,284</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 24px" align=left colSpan=2><FONT color=#231f20>Continental Airlines, Inc. Project, AMT, 6.63%, 9/15/12</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>504,875</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Jersey State Turnpike Authority, RB, Series E,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.25%, 1/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,355</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,426,761</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Jersey Transportation Trust Fund Authority, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Transportation System, Series A, 5.50%, 6/15/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>575</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>620,873</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Tobacco Settlement Financing Corp. New Jersey,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Series 1A, 4.50%, 6/01/23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>785</FONT></TD>
     <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"><FONT color=#231f20>712,717</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,851,681</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New York &#151; 6.6%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Albany Industrial Development Agency, RB, New Covenant</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Charter School Project, Series A, 7.00%, 5/01/35 (c)(d)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>315</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>78,763</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Hudson New York Yards Infrastructure Corp., RB, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.75%, 2/15/47</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>505</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>534,749</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Metropolitan Transportation Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Transportation, Series D, 5.25%, 11/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>403,619</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Industrial Development Agency, RB:</FONT></TD>
     <TD STYLE="text-align: 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: 24px" align=left colSpan=2><FONT color=#231f20>American Airlines, Inc., JFK International Airport, AMT,</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>7.75%, 8/01/31 (b)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,775,090</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>British Airways PLC Project, 7.63%, 12/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,003,980</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York Liberty Development Corp., Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px" align=left colSpan=2><FONT color=#231f20>Second Priority, Bank of America Tower at One Bryant</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Park Project, 6.38%, 7/15/49</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>399,503</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Port Authority of New York &amp; New Jersey, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>JFK International Air Terminal:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>6.00%, 12/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>410</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>424,481</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>6.00%, 12/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>395</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>413,059</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of New York Dormitory Authority, RB, North Shore</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Long Island Jewish, Series A, 5.00%, 5/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>400</FONT></TD>
     <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"><FONT color=#231f20>395,740</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,428,984</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>North Carolina &#151; 0.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>North Carolina Medical Care Commission, RB, Duke</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>University Health System, Series A, 5.00%, 6/01/42</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>440</FONT></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"><FONT color=#231f20>447,480</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Ohio &#151; 1.9%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Montgomery Ohio, Refunding RB, Catholic</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Healthcare, Series A, 5.00%, 5/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>885</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>894,930</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Ohio, RB, Ford Motor Co. Project, AMT,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.75%, 4/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <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"><FONT color=#231f20>935,960</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,830,890</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Oklahoma &#151; 1.2%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2><FONT color=#231f20>Tulsa Airports Improvement Trust, RB, Series A, Mandatory</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Put Bonds, AMT, 7.75%, 6/01/35 (b)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,225</FONT></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"><FONT color=#231f20>1,127,184</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Pennsylvania &#151; 4.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Allegheny County Hospital Development Authority,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Refunding RB, Health System West Penn, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.38%, 11/15/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>820,470</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 34 -->
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<A name="page_35"></A><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD STYLE="text-align: right; font-size: 8pt; vertical-align: top"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Value</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Pennsylvania (concluded)</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Pennsylvania Economic Development Financing</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>Amtrak Project, Series A, AMT, 6.50%, 11/01/16</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,012,920</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Amtrak Project, Series A, AMT, 6.13%, 11/01/21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>700</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>703,017</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Amtrak Project, Series A, AMT, 6.25%, 11/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000,780</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>600</FONT></TD>
     <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"><FONT color=#231f20>630,360</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4,167,547</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Puerto Rico &#151; 2.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Puerto Rico Sales Tax Financing Corp., RB, Sub-Series A,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px; border-bottom: Black 1pt solid"><FONT color=#231f20>6.50%, 8/01/44</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,770</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,993,144</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>South Carolina &#151; 4.5%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>South Carolina Jobs-EDA, Refunding RB, Palmetto Health,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>Series C:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>7.00%, 8/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,225</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,475,535</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>7.00%, 8/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>275</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>305,965</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>South Carolina State Ports Authority, RB, 5.25%, 7/01/40</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,040</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,096,929</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>South Carolina State Public Service Authority, Refunding</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-align: left; text-indent: 8px"><FONT color=#231f20>RB, Santee Cooper Project, Series C, 5.00%, 12/01/36</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>490</FONT></TD>
     <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"><FONT color=#231f20>526,525</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4,404,954</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#394c87><B>Texas &#151; 16.3%</B></FONT></TD>
     <TD STYLE="text-align: 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-align: left"><FONT color=#231f20>Brazos River Authority, RB, TXU Electric, Series A, AMT,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>8.25%, 10/01/30</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>730</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>197,071</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Brazos River Authority, Refunding RB, TXU Electric Co.</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Project, Series C, Mandatory Put Bonds, AMT,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>5.75%, 5/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Central Texas Regional Mobility Authority, RB, Senior Lien,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>6.25%, 1/01/46</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>680</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>691,546</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>475</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>515,508</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Houston Texas, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>Senior Lien, Series A, 5.50%, 7/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>485</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>514,929</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Sub Lien Series A, AMT, 5.00%, 7/01/21</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>610</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>650,907</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Combined, First Lien, Series A (AGC),</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>6.00%, 11/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,730</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,116,623</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Sub Lien Series A, AMT, 5.00%, 7/01/22</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>360</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>380,030</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Harris County Texas Metropolitan Transit Authority, TRAN,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>RB, Series A, 5.00%, 11/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,075</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,148,261</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Harris County-Houston Sports Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-align: left; text-indent: 8px"><FONT color=#231f20>CAB, Senior Lien, Series A (NPFGC), 6.18%, 11/15/38 (a)</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,750</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>769,358</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>La Vernia Higher Education Finance Corp., RB, KIPP, Inc.,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>6.38%, 8/15/44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>529,960</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>North Texas Tollway Authority, RB:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>CAB, Special Projects System, Series B,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>7.55%, 9/01/37 (a)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>640</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>126,285</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Toll, 2nd Tier, Series F, 6.13%, 1/01/31</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,025</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,073,688</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Tarrant County Cultural Education Facilities Finance Corp.,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,270</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,359,319</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: left"><FONT color=#231f20>Texas Private Activity Bond Surface Transportation Corp.,</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 8px"><FONT color=#231f20>RB, Senior Lien:</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway</FONT></TD>
     <TD STYLE="text-align: 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; text-indent: 24px"><FONT color=#231f20>Managed Lanes Project, 7.00%, 6/30/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,355</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,456,747</FONT></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="2" STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Senior Lien, NTE Mobility Partners LLC North Tarrant</FONT></TD>
     <TD STYLE="text-align: 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 COLSPAN="2" STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Express Managed Lanes Project, 6.88%, 12/31/39</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,000</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,067,030</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Texas Public Finance Authority, Charter School Finance</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Corporation, 5.38%, 2/15/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,250</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,164,212</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Texas State Public Finance Authority, Refunding ERB,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>KIPP, Inc., Series A (ACA), 5.00%, 2/15/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <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"><FONT color=#231f20>473,720</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15,735,194</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Utah &#151; 1.2%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Riverton Utah, RB, IHC Health Services, Inc.,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px; border-bottom: Black 1pt solid"><FONT color=#231f20>5.00%, 8/15/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,150</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,165,467</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 16%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Municipal Bonds</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</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>Virginia &#151; 3.6%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.50%, 2/01/31</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>355</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>355,032</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Fairfax County EDA, Refunding RB, Goodwin House, Inc.,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.13%, 10/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>468,035</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of Virginia, Refunding RB, General,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 6/01/40</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,500</FONT></TD>
     <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"><FONT color=#231f20>2,692,825</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,515,892</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Washington &#151; 0.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Washington Health Care Facilities Authority, RB, Swedish</FONT></TD>
     <TD STYLE="text-align: 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: #000000 1px solid; text-align: left; text-indent: 8px"><FONT color=#231f20>Health Services, Series A, 6.75%, 11/15/41</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>630</FONT></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"><FONT color=#231f20>694,216</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Wisconsin &#151; 2.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Wisconsin Health &amp; Educational Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>RB, Ascension Health Credit Group, Series A,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>5.00%, 11/15/31</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,165</FONT></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"><FONT color=#231f20>2,221,138</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Wyoming &#151; 1.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Sweetwater Wyoming, Refunding RB, Idaho</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Power Co. Project, 5.25%, 7/15/26</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>975</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,049,870</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Wyoming Municipal Power Agency, RB, Series A:</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20>5.00%, 1/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>95</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>97,118</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20>5.38%, 1/01/42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>500</FONT></TD>
     <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"><FONT color=#231f20>523,575</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,670,563</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>Total Municipal Bonds &#151; 125.5%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>121,321,742</FONT></TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="6" STYLE="border-top: rgb(57,76,135) 4pt solid"><B><FONT STYLE="color: #231f20">Municipal Bonds Transferred to</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts (e)</FONT></B></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: left">&nbsp;</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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Alabama &#151; 0.8%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Alabama Special Care Facilities Financing Authority-</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Birmingham, Refunding RB, Ascension Health Senior</FONT></TD>
     <TD STYLE="text-align: 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: #000000 1px solid; text-align: left; text-indent: 8px"><FONT color=#231f20>Credit, Series C-2, 5.00%, 11/15/36</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>760</FONT></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"><FONT color=#231f20>773,213</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>California &#151; 5.6%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>California Educational Facilities Authority, RB, University</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>of Southern California, Series A, 5.25%, 10/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>855</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>923,819</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Los Angeles Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Election of 2001, Series A (AGM), 5.00%, 8/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>740</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>776,467</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Diego Community College District California, GO,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Election of 2002, 5.25%, 8/01/33</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>553</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>602,897</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>San Francisco City &amp; County Public Utilities Commission,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>RB, Series B, 5.00%, 11/01/39</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,970</FONT></TD>
     <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"><FONT color=#231f20>3,101,304</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>5,404,487</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Colorado &#151; 2.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Colorado Health Facilities Authority, RB, Catholic</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>Health (AGM):</FONT></TD>
     <TD STYLE="text-align: 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: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>C</FONT>-3, 5.10%, 10/01/41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,210</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,226,008</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 24px; text-align: left"><FONT color=#231f20><FONT color=#231f20>C</FONT>-7, 5.00%, 9/01/36</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>780</FONT></TD>
     <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"><FONT color=#231f20>790,359</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,016,367</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Connecticut &#151; 3.4%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Connecticut State Health &amp; Educational Facility Authority,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px"><FONT color=#231f20>RB, Yale University:</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 24px"><FONT color=#231f20>Series T-1, 4.70%, 7/01/29</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,580</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,684,817</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: 24px"><FONT color=#231f20>Series X-3, 4.85%, 7/01/37</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,540</FONT></TD>
     <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"><FONT color=#231f20>1,618,463</FONT></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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,303,280</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Massachusetts &#151; 2.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Massachusetts Water Resources Authority, Refunding RB,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px; border-bottom: Black 1px solid"><FONT color=#231f20>General, Series A, 5.00%, 8/01/41</FONT></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT color=#231f20>1,980</FONT></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"><FONT color=#231f20>2,056,091</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>New Hampshire &#151; 0.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New Hampshire Health &amp; Education Facilities Authority,</FONT></TD>
     <TD STYLE="text-align: 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-align: left; text-indent: 8px; border-bottom: Black 1px solid"><FONT color=#231f20>Refunding RB, Dartmouth College, 5.25%, 6/01/39</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>645</FONT></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"><FONT color=#231f20>712,931</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 35 -->
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<A name="page_36"></A><BR> <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0> <TR> <TD width="56%"></TD> <TD width="43%"></TD></TR> <TR vAlign=bottom> <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD STYLE="text-align: right; font-size: 8pt; vertical-align: top"><B><FONT color=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 61%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 4%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 2px solid"><B><FONT color=#231f20>Municipal Bonds Transferred to</FONT></B><BR>
<B>Tender Option Bond Trusts (e)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000</B><B>)</B></TD>
     <TD STYLE="text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="3" 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 &#151; 5.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York City Municipal Water Finance Authority, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series FF-2, 5.50%, 6/15/40</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>510</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>561,782</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>New York State Dormitory Authority, ERB, Series F,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 3/15/35</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,184</FONT></TD>
     <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"><FONT color=#231f20>4,331,016</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4,892,798</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Tennessee &#151; 1.4%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Shelby County Health Educational &amp; Housing Facilities</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Board, Refunding RB, St. Jude&#146;s Children&#146;s Research</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Hospital, 5.00%, 7/01/31</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,280</FONT></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"><FONT color=#231f20>1,327,859</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Texas &#151; 2.3%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>County of Harris Texas, RB, Senior Lien, Toll Road,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Series A, 5.00%, 8/15/38</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,140</FONT></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"><FONT color=#231f20>2,232,363</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Virginia &#151; 2.0%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>University of Virginia, Refunding RB, General,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>5.00%, 6/01/40</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,785</FONT></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"><FONT color=#231f20>1,922,444</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Washington &#151; 3.7%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Central Puget Sound Regional Transit Authority, RB,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Series A (AGM), 5.00%, 11/01/32</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>900</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>949,373</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>State of Washington, GO, Various Purpose, Series E,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>5.00%, 2/01/34</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,400</FONT></TD>
     <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"><FONT color=#231f20>2,594,616</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</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: 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>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3,543,989</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Municipal Bonds Transferred to</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Tender Option Bond Trusts &#151; 29.2%</FONT></B></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: 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"><FONT color=#231f20>28,185,822</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Long-Term Investments</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $146,864,475) &#151; 154.7%</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>149,507,564</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="7" STYLE="border-top: rgb(57,76,135) 4pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>Short-Term Securities</FONT></B></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: left">&nbsp;</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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Michigan &#151; 1.1%</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Michigan Finance Authority, RB, SAN, Detroit Schools,</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Series A-1, 6.45%, 2/02/12</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,030</FONT></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"><FONT color=#231f20>1,030,000</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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 COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><B><FONT color=#231f20>Shares</FONT></B></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: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#394c87>Money Market Funds &#151; 4.2%</FONT></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>
     <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"><FONT color=#231f20>FFI Institutional Tax-Exempt Fund, 0.01% (f)(g)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>4,057,524</FONT></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"><FONT color=#231f20>4,057,524</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Short-Term Securities</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left"><B><FONT color=#231f20>(Cost &#151; $5,087,524) &#151; 5.3%</FONT></B></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: 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"><FONT color=#231f20>5,087,524</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Total Investments (Cost &#151; $151,951,999*) &#151; 160.0%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>154,595,088</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Other Assets Less Liabilities &#151; 0.9%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>887,647</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Liability for TOB Trust Certificates, Including Interest</FONT></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>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><B><FONT color=#231f20>Expense and Fees Payable &#151; (16.4)%</FONT></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>
     <TD STYLE="text-align: right"><FONT color=#231f20>(15,876,445</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>AMPS, at Redemption Value &#151; (44.5)%</FONT></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="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(42,976,342</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></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="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>96,629,948</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">*&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">The cost and unrealized appreciation (depreciation) of
investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 80%"></TD>
     <TD STYLE="width: 2%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Aggregate cost</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>135,825,892</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized appreciation</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,158,805</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Gross unrealized depreciation</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(3,260,732</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net unrealized appreciation</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2,898,073</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Variable rate security. Rate shown is as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Issuer filed for bankruptcy and/or is in default of interest
payments.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Non-income producing security.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Securities represent bonds transferred to a TOB in exchange
for which the Trust 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.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Investments in companies considered to be an affiliate
of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD>
     <TD STYLE="width: 20%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid"><B><FONT color=#231f20>Affiliate</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Net</FONT></B><BR>
<B>Activity</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares Held at</FONT></B><BR>
<B>October 31,</B><BR>
<B>2011</B></TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B><FONT color=#231f20>Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>FFI Institutional</FONT></TD>
     <TD STYLE="text-align: 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: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Tax-Exempt Fund</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>1,457,085</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>2,600,439</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>4,057,524</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>$3,818</FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">(g)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Represents the current yield as of report date.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Financial futures contracts sold as of October 31, 2011
were as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">

  <tr>

    <TD STYLE="width: 15%"></td>
    <TD STYLE="width: 20%"></td>
    <TD STYLE="width: 20%"></td>
    <TD STYLE="width: 15%"></td>
    <TD STYLE="width: 15%"></td>
    <TD STYLE="width: 15%"></td>
  </tr>


  <tr valign=bottom>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Contracts </font></b></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Issue</font></b></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Exchange</font></b></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Expiration</font></b></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Notional </font></b><br>

<b>Value </b></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Unrealized<br>
      </font>Appreciation<font color=#231f20>
      </font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: center"><font color=#231f20>22</font></td>
    <TD STYLE="text-align: center"><font color=#231f20>10-Year US</font></td>
    <TD STYLE="text-align: center"><font color=#231f20>Chicago Board</font></td>
    <TD STYLE="text-align: center"><font color=#231f20>December</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="border-bottom: #000000 1px solid; text-align: center">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>Treasury Note</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>of Trade</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>2011</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>$2,839,375</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>$ 23,208</font></td>
  </tr>
</table><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Fair Value Measurements &#151; Various inputs are used
in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure
hierarchy consisting of three broad levels for financial statement purposes as follows:&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 1 &#151; unadjusted price quotations in active
markets/exchanges for identical assets and liabilities&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 2 &#151; 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)&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 39pt; text-align: right"><FONT STYLE="color: #231f20">&#149;&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Level 3 &#151; unobservable inputs based on the best
information available in the circumstances, to the extent observable inputs are not available (including the Trust&#146;s own
assumptions used in determining the fair value of investments and derivative financial instruments)&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="color: #231f20">Changes in valuation
techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value
determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative
financial instrument and does not necessarily correspond to the Trust&#146;s perceived risk of investing in those securities.
For information about the Trust&#146;s policy regarding valuation of investments and derivative financial instruments and other
significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.&nbsp;</FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="color: #231f20">The following tables
summarize the inputs used as of October 31, 2011 in determining the fair valuation of the Trust&#146;s investments and derivative
financial instruments:&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">

  <tr>

    <TD STYLE="width: 39%"></td>
    <TD STYLE="width: 3%"></td>
    <TD STYLE="width: 13%; padding-right: 12pt; text-align: right"></td>
    <TD STYLE="width: 3%"></td>
    <TD STYLE="width: 13%"></td>
    <TD STYLE="width: 13%; text-align: center"></td>
    <TD STYLE="width: 3%; text-align: right"></td>
    <TD STYLE="width: 13%"></td>
  </tr>


  <tr valign=bottom>
    <TD STYLE="text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Valuation Inputs</font></b></td>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT STYLE="color: #231f20">Level 1</FONT></B></td>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT STYLE="color: #231f20">Level 2</FONT></B></td>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><b><font color=#231f20>Level 3</font></b></td>
    <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT STYLE="color: #231f20">Total</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Assets:</font></b></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investments:</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 8px; text-align: left"><font color=#231f20>Long-Term</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; text-align: left"><font color=#231f20>Investments</font><sup><font color=#231f20>1</font></sup></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; padding-right: 12pt"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>149,507,564</font></td>
    <TD STYLE="text-align: center"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>149,507,564</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 8px; text-align: left"><font color=#231f20>Short-Term</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-indent: 24px; text-align: left"><font color=#231f20>Securities</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt"><font color=#231f20>4,057,524</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>1,030,000</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>5,087,524</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Total</font></b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt"><font color=#231f20>4,057,524</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>150,537,564</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>154,595,088</font></td>
  </tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">See above Schedule of Investments for values in each
state or political subdivision.&nbsp;</FONT></TD></TR></TABLE>
<P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 39%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%; text-align: right; padding-right: 12pt"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 13%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD STYLE="width: 13%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><B><FONT color=#231f20>Valuation Inputs</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B><FONT STYLE="color: #231f20">Level 1</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B><FONT color=#231f20>Level 2</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B><FONT color=#231f20>Level 3</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=3
><FONT color=#231f20>Derivative Financial Instruments</FONT><SUP><FONT color=#231f20>2</FONT></SUP></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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Assets:</FONT></B></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 12pt">&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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Interest</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 12pt">&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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>rate</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 12pt">&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></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>Contracts</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; padding-right: 12pt"><FONT color=#231f20>23,208</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>23,208</FONT></TD></TR></TABLE></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>


<!-- Field: Page; Sequence: 36 -->
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<P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_007"></A>Statements of Assets and Liabilities</FONT></P>
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  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>October 31, 2011</font></b></td>
    <td colspan="3" style="text-align: center"><b>BlackRock</b><br>

<b>Investment</b><br>

<b>Quality</b><br>

<b>Municipal <BR>
Trust Inc.</b><br>

<b>(BKN)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>BlackRock</font></b><br>

<b>Long-Term</b><br>

<b>Municipal</b><br>

<b>Advantage Trust</b><br>

<b>(BTA)</b></td>
    <td colspan="3" style="text-align: center"><b>BlackRock</b><br>

<b>Municipal</b><br>

<b>2020 Term Trust</b><br>

<b>(BKK)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>BlackRock</font></b><br>

<b>Municipal</b><br>

<b>Income Trust</b><br>

<b>(BFK)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>BlackRock</font></b><br>

<b>Pennsylvania</b><br>

<b>Strategic</b><br>

<b>Municipal Trust</b><br>

<b>(BPS)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>BlackRock</font></b><br>

<b>Strategic</b><br>

<b>Municipal</b><br>

<b>Trust</b><br>

<b>(BSD)</b></td>
  </tr>

  <tr valign=bottom>

    <td colspan="19" style="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Assets</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investments at value &#151; unaffiliated</font><sup><font color=#231f20>1</font></sup></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>371,197,494</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>237,421,772</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>483,312,054</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>945,694,740</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>49,335,646</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>150,537,564</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investments at value &#151; affiliated</font><sup><font color=#231f20>2</font></sup></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>6,488,230</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>18,910</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>153,138</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>9,709,537</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>4,057,524</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Cash</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>109,500</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>113,997</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>4</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Cash pledged as collateral for financial futures contracts</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>99,000</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>335,000</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>49,000</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Interest receivable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5,200,019</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>3,985,897</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>7,582,188</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>15,091,090</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>744,662</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,417,487</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investments sold receivable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>330,252</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5,284,405</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>210,000</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>7,767,340</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>40,318</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,835,087</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Income receivable &#151; affiliated</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>202</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>75</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>153</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>777</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>31</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>61</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Prepaid expenses</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>12,177</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>11,155</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>14,934</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>31,406</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,447</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5,205</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Other assets</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>46,610</font></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"><font color=#231f20>10,532</font></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"><font color=#231f20>35,622</font></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"><font color=#231f20>187,460</font></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"><font color=#231f20>3,733</font></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"><font color=#231f20>7,352</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Total assets</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>383,274,984</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>246,831,746</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>491,417,589</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>978,817,350</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>50,239,834</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>158,909,284</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=19>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td colspan="19" style="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Accrued Liabilities</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investments purchased payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5,486,888</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>3,008,622</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>17,117,070</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,707,105</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Income dividends payable &#151; Common Shares</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,435,187</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>862,538</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,259,730</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>3,570,465</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>154,048</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>539,860</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Investment advisory fees payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>111,399</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>89,857</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>207,003</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>477,231</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>25,237</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>77,549</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Officer's and Trustees' fees payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>45,211</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>11,848</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>35,329</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>169,654</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>4,890</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>8,719</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Interest expense and fees payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>4,922</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>223,777</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>3,384</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>34,090</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,823</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5,322</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Margin variation payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>30,031</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>158,875</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>21,313</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Administration fees payable</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>47,834</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Other accrued expenses payable</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>119,602</font></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"><font color=#231f20>71,489</font></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"><font color=#231f20>126,825</font></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"><font color=#231f20>199,163</font></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"><font color=#231f20>27,318</font></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"><font color=#231f20>72,003</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Total accrued liabilities</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>7,251,043</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>4,298,162</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,632,271</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>21,726,548</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>214,316</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>3,431,871</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=19>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td colspan="19" style="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Other Liabilities</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt"><font color=#231f20>TOB trust certificates</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>11,008,644</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>90,780,965</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>3,750,000</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>91,205,966</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>5,124,261</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>15,871,123</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 1pt"><b><font color=#231f20>Total Liabilities</font></b></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>18,259,687</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>95,079,127</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>5,382,271</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>112,932,514</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>5,338,577</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>19,302,994</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=19>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td colspan="19" style="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">AMPS at Redemption Value</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><font color=#231f20>$25,000 per share at liquidation preference, plus</font></td>
    <TD 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: 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: 8px; text-align: left"><font color=#231f20>unpaid dividends</font><sup><font color=#231f20>3,4,5</font></sup></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>125,954,721</font></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"><font color=#231f20>&#151;</font></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"><font color=#231f20>173,854,706</font></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"><font color=#231f20>270,882,783</font></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"><font color=#231f20>16,325,509</font></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"><font color=#231f20>42,976,342</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Net Assets Applicable to Common Shareholders</font></b></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>239,060,576</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>151,752,619</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>312,180,612</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>595,002,053</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>28,575,748</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>96,629,948</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=19>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td colspan="19" style="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Paid-in capital</font><sup><font color=#231f20>5,6,7</font></sup></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>237,402,495</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>191,097,044</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>287,184,576</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>621,199,558</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>28,534,661</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>103,435,513</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Undistributed net investment income</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>4,631,685</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,616,742</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>19,036,201</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>12,141,042</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>712,924</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,828,725</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Accumulated net realized loss</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(13,212,292</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(41,483,947</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(3,782,355</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(44,777,710</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(2,356,144</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(11,300,587</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net unrealized appreciation/depreciation</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>10,238,688</font></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"><font color=#231f20>(477,220</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>9,742,190</font></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"><font color=#231f20>6,439,163</font></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"><font color=#231f20>1,684,307</font></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"><font color=#231f20>2,666,297</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Net Assets Applicable to Common Shareholders</font></b></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>239,060,576</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>151,752,619</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>312,180,612</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>595,002,053</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>28,575,748</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>96,629,948</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net asset value per Common Share</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>13.99</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>11.35</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>15.43</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>13.35</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>14.10</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>13.25</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>1 </font></sup><font color=#231f20>Investments at cost &#151; unaffiliated</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>360,958,806</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>237,933,589</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>473,569,864</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>939,447,187</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>47,651,339</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>147,894,475</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>2 </font></sup><font color=#231f20>Investments at cost &#151; affiliated</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>6,488,230</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>18,910</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>153,138</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>9,709,537</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>4,057,524</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>3 </font></sup><font color=#231f20>AMPS outstanding</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>5,038</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>&#151;</font></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"><font color=#231f20>6,954</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>10,835</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>653</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>1,719</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>4 </font></sup><font color=#231f20>AMPS authorized</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>5,862</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>&#151;</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>5 </font></sup><font color=#231f20>Par value per AMPS and Common Share</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.01</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.001</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.001</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.001</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.001</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>0.001</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>6 </font></sup><font color=#231f20>Common Shares outstanding</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><font color=#231f20>17,087,255</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>13,372,678</font></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"><font color=#231f20>20,236,628</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>44,575,342</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>2,026,950</font></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: right; border-bottom: Black 2px solid"><font color=#231f20>7,295,402</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; text-indent: 24px"><sup><font color=#231f20>7 </font></sup><font color=#231f20>Common Shares authorized</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-indent: 8px; text-align: left"><font color=#231f20>200 million</font></td>
    <TD STYLE="text-align: left; text-indent: 8px; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></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="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>unlimited</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 37 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_38"></A><BR>
<P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_008"></A>Statements of Operations</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Six Months Ended October 31, 2011 (Unaudited)</FONT></B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Investment</B><BR>
<B>Quality</B><BR>
<B>Municipal <BR>
Trust Inc.</B><BR>
<B>(BKN)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Long-Term</B><BR>
<B>Municipal</B><BR>
<B>Advantage Trust</B><BR>
<B>(BTA)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Municipal</B><BR>
<B>2020 Term Trust</B><BR>
<B>(BKK)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Municipal</B><BR>
<B>Income Trust</B><BR>
<B>(BFK)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Pennsylvania</B><BR>
<B>Strategic</B><BR>
<B>Municipal Trust</B><BR>
<B>(BPS)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>BlackRock</FONT></B><BR>
<B>Strategic</B><BR>
<B>Municipal</B><BR>
<B>Trust</B><BR>
<B>(BSD)</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="19" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Investment Income</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Interest</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,045,040</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,054,325</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,291,442</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>25,362,515</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,143,108</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,920,715</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Income &#151; affiliated</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,155</FONT></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"><FONT color=#231f20>674</FONT></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"><FONT color=#231f20>2,278</FONT></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"><FONT color=#231f20>277,670</FONT></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"><FONT color=#231f20>141</FONT></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"><FONT color=#231f20>43,963</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total income</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>10,047,195</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>6,054,999</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>12,293,720</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>25,640,185</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,143,249</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,964,678</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="19" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Expenses</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Investment advisory</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>647,611</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>740,691</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,217,356</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,779,128</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>148,127</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>452,966</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Administration</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>277,547</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Remarketing fees on Preferred Shares</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>94,167</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>129,633</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>180,251</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,037</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>28,693</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Professional</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>41,355</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>34,030</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>54,770</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>76,406</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>22,440</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>32,968</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Accounting services</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>34,909</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,555</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>33,867</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>47,537</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,651</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>19,599</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Printing</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>17,471</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,983</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>26,278</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>48,231</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,688</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,618</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Transfer agent</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,178</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,628</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,463</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>23,410</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,943</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,042</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Custodian</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,497</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>5,254</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>13,257</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>22,946</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,425</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,407</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Officer and Trustees</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,077</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,101</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,194</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>12,229</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,080</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,917</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Registration</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,882</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,658</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,637</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,201</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>416</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,811</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Miscellaneous</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>22,543</FONT></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"><FONT color=#231f20>13,950</FONT></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"><FONT color=#231f20>26,247</FONT></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"><FONT color=#231f20>46,182</FONT></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"><FONT color=#231f20>13,430</FONT></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"><FONT color=#231f20>13,722</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses excluding interest expense and fees</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,178,237</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>837,850</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,536,702</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,244,521</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>218,237</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>583,743</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Interest expense and fees</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>36,321</FONT></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"><FONT color=#231f20>401,876</FONT></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"><FONT color=#231f20>10,232</FONT></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"><FONT color=#231f20>244,101</FONT></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"><FONT color=#231f20>18,240</FONT></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"><FONT color=#231f20>43,586</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,214,558</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,239,726</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,546,934</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,488,622</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>236,477</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>627,329</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Less fees waived by advisor</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1,099</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(222,510</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(698</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(2,839</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(2,079</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(942</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,213,459</FONT></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"><FONT color=#231f20>1,017,216</FONT></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"><FONT color=#231f20>1,546,236</FONT></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"><FONT color=#231f20>3,485,783</FONT></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"><FONT color=#231f20>234,398</FONT></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"><FONT color=#231f20>626,387</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>8,833,736</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>5,037,783</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>10,747,484</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>22,154,402</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>908,851</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,338,291</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="19" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Realized and Unrealized Gain (Loss)</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized gain (loss) from:</FONT></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: 8px; text-align: left"><FONT color=#231f20>Investments</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(519,795</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(3,756,599</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(953,231</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(4,304,415</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(324,972</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>385,910</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Financial futures contracts</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1,659,755</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1,134,777</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>(3,879,236</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(183,296</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(670,976</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="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"><FONT color=#231f20>(2,179,550</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(4,891,376</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(953,231</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(8,183,651</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(508,268</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(285,066</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net change in unrealized appreciation/depreciation on:</FONT></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: 8px; text-align: left"><FONT color=#231f20>Investments</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>22,815,517</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,826,867</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>14,073,856</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>59,622,546</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,511,371</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,186,264</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Financial futures contracts</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>391,480</FONT></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"><FONT color=#231f20>310,422</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>1,255,505</FONT></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"><FONT color=#231f20>26,269</FONT></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"><FONT color=#231f20>196,583</FONT></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: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>23,206,997</FONT></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"><FONT color=#231f20>16,137,289</FONT></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"><FONT color=#231f20>14,073,856</FONT></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"><FONT color=#231f20>60,878,051</FONT></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"><FONT color=#231f20>2,537,640</FONT></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"><FONT color=#231f20>7,382,847</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT color=#231f20>Total realized and unrealized gain</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>21,027,447</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>11,245,913</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>13,120,625</FONT></TD>
     <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>52,694,400</FONT></TD>
     <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>2,029,372</FONT></TD>
     <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT color=#231f20>7,097,781</FONT></TD>
     <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR>
     <TD colSpan=19>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="19" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Dividends to AMPS Shareholders From</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(159,271</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>(210,980</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(327,757</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(19,657</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(51,750</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Net Increase in Net Assets Applicable to Common</FONT></B></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-align: left; text-indent: 8px; padding-bottom: 2pt"><B><FONT color=#231f20>Shareholders Resulting from Operations</FONT></B></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>29,701,912</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>16,283,696</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>23,657,129</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>74,521,045</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>2,918,566</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><FONT color=#231f20>10,384,322</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1 </SUP>&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Related<SUP>&nbsp;</SUP>to
                                                                                                                                   TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_39"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_009"></A>Statements of Changes in Net Assets</FONT></P>

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


  <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><font color=#231f20>BlackRock Investment Quality</font></b><br>

<b>Municipal Trust Inc. (BKN)</b></td>
    <TD>&nbsp;&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><b><font color=#231f20>BlackRock Long-Term</font></b><br>

<b>Municipal Advantage Trust (BTA)</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Increase (Decrease) in Net Assets</font></b><br>

<b>Applicable to Common Shareholders:</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Six Months</font></b><br>

<b>Ended</b><br>

<b>October 31,</b><br>

<b>2011</b><br>

<b>(Unaudited)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Year</font></b><br>

<b>Ended</b><br>

<b>April 30,</b><br>

<b>2011</b></td>
    <TD>&nbsp;</TD>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Six Months</font></b><br>

<b>Ended</b><br>

<b>October 31,</b><br>

<b>2011</b><br>

<b>(Unaudited)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Year</font></b><br>

<b>Ended</b><br>

<b>April 30,</b><br>

<b>2011</b></td>
  </tr>



  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Operations</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net investment income</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>8,833,736</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>17,780,136</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>5,037,783</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>10,169,933</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net realized gain (loss)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(2,179,550</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>1,668,823</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(4,891,376</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(1,931,085</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net change in unrealized appreciation/depreciation</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>23,206,997</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(17,576,488</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>16,137,289</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(8,625,258</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Dividends to AMPS Shareholders from net investment income</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(159,271</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(521,567</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></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"><font color=#231f20>&#151;</font></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"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net increase (decrease) in net assets applicable to Common Shareholders</font></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>&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: 8px; padding-bottom: 1pt; text-align: left"><font color=#231f20>resulting from operations</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>29,701,912</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,350,904</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>16,283,696</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(386,410</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Dividends to Common Shareholders From</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="padding-bottom: 1pt; text-align: left"><font color=#231f20>Net investment income</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(8,605,507</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(17,199,346</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(5,041,499</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(9,767,868</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Capital Share Transactions</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="padding-bottom: 1pt; text-align: left"><font color=#231f20>Reinvestment of common dividends</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>422,754</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>918,594</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>307,466</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Total increase (decrease) in net assets applicable to Common Shareholders</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>21,519,159</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(14,929,848</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>11,242,197</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(9,846,812</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Beginning of period</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>217,541,417</font></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"><font color=#231f20>232,471,265</font></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"><font color=#231f20>140,510,422</font></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"><font color=#231f20>150,357,234</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>End of period</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>239,060,576</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>217,541,417</font></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"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>151,752,619</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>140,510,422</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Undistributed net investment income</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>4,631,685</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>4,562,727</font></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"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>2,616,742</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><font color=#231f20>2,620,458</font></td>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</td>
  </tr>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&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: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</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><font color=#231f20>BlackRock Municipal 2020</font></b><br>

<b>Term Trust (BKK)</b></td>
    <TD>&nbsp;&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><b><font color=#231f20>BlackRock Municipal</font></b><br>

<b>Income Trust (BFK)</b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><b><font color=#231f20>Increase (Decrease) in Net Assets</font></b><br>

<b>Applicable to Common Shareholders:</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Six Months</font></b><br>

<b>Ended</b><br>

<b>October 31,</b><br>

<b>2011</b><br>

<b>(Unaudited)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Year</font></b><br>

<b>Ended</b><br>

<b>April 30,</b><br>

<b>2011</b></td>
    <TD>&nbsp;</TD>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Six Months</font></b><br>

<b>Ended</b><br>

<b>October 31,</b><br>

<b>2011</b><br>

<b>(Unaudited)</b></td>
    <td colspan="3" style="text-align: center"><b><font color=#231f20>Year</font></b><br>

<b>Ended</b><br>

<b>April 30,</b><br>

<b>2011</b></td>
  </tr>



  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Operations</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net investment income</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>10,747,484</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>21,543,095</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>22,154,402</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right"><font color=#231f20>44,687,784</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net realized loss</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(953,231</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(1,134,472</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(8,183,651</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(833,257</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net change in unrealized appreciation/depreciation</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>14,073,856</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(2,036,387</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>60,878,051</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(48,359,953</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Dividends to AMPS Shareholders from net investment income</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(210,980</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(722,225</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></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"><font color=#231f20>(327,757</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(1,124,179</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Net increase (decrease) in net assets applicable to Common Shareholders</font></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>&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: 8px; padding-bottom: 1pt; text-align: left"><font color=#231f20>resulting from operations</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>23,657,129</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>17,650,011</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>74,521,045</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(5,629,605</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Dividends to Common Shareholders From</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="padding-bottom: 1pt; text-align: left"><font color=#231f20>Net investment income</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(7,558,381</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(15,116,761</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(21,411,005</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>(42,289,617</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Capital Share Transactions</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="padding-bottom: 1pt; text-align: left"><font color=#231f20>Reinvestment of common dividends</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>&#151;</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>794,927</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font color=#231f20>1,766,716</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr>

    <TD COLSPAN="15">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Total increase (decrease) in net assets applicable to Common Shareholders</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>16,098,748</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>2,533,250</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>53,904,967</font></td>
    <TD STYLE="text-align: left">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>(46,152,506</font></td>
    <TD STYLE="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left"><font color=#231f20>Beginning of period</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>296,081,864</font></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"><font color=#231f20>293,548,614</font></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"><font color=#231f20>541,097,086</font></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"><font color=#231f20>587,249,592</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt"><font color=#231f20>End of period</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>312,180,612</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>296,081,864</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>595,002,053</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>541,097,086</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; padding-bottom: 2pt"><font color=#231f20>Undistributed net investment income</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>19,036,201</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>16,058,078</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>12,141,042</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><font color=#231f20>11,725,402</font></td>
    <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</td>
  </tr>
</table>
<BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</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: 12pt"><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 --> <!--$$/page=-->
<A name="page_40"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Statements of Changes in Net Assets (concluded)</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">
<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><FONT color=#231f20>BlackRock Pennsylvania</FONT></B><BR>
<B>Strategic Municipal Trust (BPS)</B></TD>
    <TD>&nbsp;&nbsp;</TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><FONT color=#231f20>BlackRock Strategic</FONT></B><BR>
<B>Municipal Trust (BSD)</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><B><FONT color=#231f20>Increase (Decrease) in Net Assets</FONT></B><BR>
<B>Applicable to Common Shareholders:</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>Six Months</FONT></B><BR>
<B>Ended</B><BR>
<B>October 31,</B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>Year</FONT></B><BR>
<B>Ended</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
    <TD>&nbsp;</TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B><FONT color=#231f20>Six Months</FONT></B><BR>
<B>Ended</B><BR>
<B>October 31,</B><BR>
<B>2011</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>2011</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Operations</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>908,851</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,993,260</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,338,291</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>6,832,692</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized loss</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(508,268</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(40,832</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(285,066</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(564,026</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net change in unrealized appreciation/depreciation</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,537,640</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(1,590,758</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,382,847</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(4,996,208</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders from net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(19,657</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(68,058</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></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"><FONT color=#231f20>(51,750</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(179,417</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT color=#231f20>Net increase in net assets applicable to Common Shareholders resulting from operations</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>2,918,566</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>293,612</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>10,384,322</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>1,093,041</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="15">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Dividends to Common Shareholders From</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>(924,289</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>(1,798,072</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>(3,239,076</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>(6,423,978</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR>
     <TD COLSPAN="15">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Capital Share Transactions</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT color=#231f20>Reinvestment of common dividends</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,360</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>40,206</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>3,673</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>75,734</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD COLSPAN="15">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="15" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total increase (decrease) in net assets applicable to Common Shareholders</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,001,637</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(1,464,254</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>7,148,919</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(5,255,203</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>26,574,111</FONT></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"><FONT color=#231f20>28,038,365</FONT></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"><FONT color=#231f20>89,481,029</FONT></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"><FONT color=#231f20>94,736,232</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>End of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>28,575,748</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>26,574,111</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>96,629,948</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>89,481,029</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Undistributed net investment income</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>712,924</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>748,019</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1,828,725</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1,781,260</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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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<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_010"></A>Statement of Cash Flows</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Six Months Ended October 31, 2011 (Unaudited)</FONT></B></P>
<table cellspacing="0" cellpadding="0" border="0" style="font: 10pt Arial; width: 100%">

  <tr>

    <td></td>
    <td></td>
    <td></td>
    <td></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 style="color: #394c87">Cash Provided by Operating Activities</font></b></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Net increase in net assets resulting from operations</font></td>
    <td style="text-align: right"><font color=#231f20>$</font></td>
    <td style="text-align: right"><font color=#231f20>16,283,696</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Adjustments to reconcile net increase in net assets resulting from operations to net cash provided <BR>
by operating activities:</font></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: 8px; text-align: left"><font color=#231f20>Decrease in other assets</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>1,176</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Decrease in interest receivable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>40,041</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Decrease in prepaid expenses</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>18,083</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Increase in income receivable &#151; affiliated</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(41</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Increase in cash pledged as collateral for financial futures contracts</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(106,000</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Increase in investment advisory fees payable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>8,051</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Decrease in interest expense and fees payable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(56,307</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Decrease in other accrued expenses payable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(16,488</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Increase in margin variation payable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>10,344</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-indent: 8px; text-align: left"><font color=#231f20>Decrease in Officer&#146;s and Trustees&#146; fees payable</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(2,299</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Net realized and unrealized loss on investments</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(12,070,268</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Amortization of premium and accretion of discount on investments</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>256,730</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Proceeds from sales and paydowns of long-term investments</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>16,514,631</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Purchases of long-term investments</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(20,395,106</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Net proceeds from sales of short-term securities</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>1,208,449</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left; padding-bottom: 1pt"><font color=#231f20>Cash provided by operating activities</font></td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>1,694,692</font></td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&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 style="color: #394c87">Cash Used for Financing Activities</font></b></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Cash receipts from TOB trust certificates</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>5,879,502</font></td>
    <td style="text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Cash payments for TOB trust certificates</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(2,560,102</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Cash dividends paid to Common Shareholders</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>(5,014,753</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left; padding-bottom: 1pt"><font color=#231f20>Cash used for financing activities</font></td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>(1,695,353</font></td>
    <td style="text-align: left; border-bottom: Black 1pt solid"><font color=#231f20>)</font></td>
  </tr>

  <tr>

    <td colspan=4>&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&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 STYLE="color: #394c87">Cash</FONT></B></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Net decrease in cash</font></td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: right"><font color=#231f20>(661</font></td>
    <td style="text-align: left"><font color=#231f20>)</font></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Cash at beginning of period</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: right">&nbsp;</td>
    <td style="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>661</font></td>
    <td style="border-bottom: #000000 1px solid; text-align: left">&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left; padding-bottom: 2pt"><font color=#231f20>Cash at end of period</font></td>
    <td style="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 2pt solid"><font color=#231f20>&#151;</font></td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&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" colspan="4"><b><font style="color: #394c87">Cash Flow Information</font></b></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left; padding-bottom: 2pt"><font color=#231f20>Cash paid during the period for interest and fees</font></td>
    <td style="text-align: right; border-bottom: Black 2pt solid"><font color=#231f20>$</font></td>
    <td style="text-align: right; border-bottom: Black 2pt solid"><font color=#231f20>458,183</font></td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&nbsp;</td>
  </tr>

  <tr>

    <td colspan=4>&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 style="color: #394c87">Noncash Financing Activities</font></b></td>
  </tr>

  <tr valign=bottom>

    <td style="text-align: left"><font color=#231f20>Capital shares issued in reinvestment of dividends paid to Common Shareholders</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid"><font color=#231f20>&#151;</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td>
  </tr>
</table><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 total assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 41 -->
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     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_011"></A>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR></TABLE><BR> <TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">
<TR>
     <TD></TD>
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     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended <BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended October 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center; padding-bottom: 1pt"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12.75</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>13.68</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>11.63</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>10.64</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.73</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.79</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.59</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.52</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.50</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.23</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.93</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.96</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.94</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(3.97</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.79</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.44</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.01</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.05</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.31</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.32</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.28</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.74</FONT></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"><FONT color=#231f20>0.08</FONT></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"><FONT color=#231f20>3.00</FONT></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"><FONT color=#231f20>1.39</FONT></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"><FONT color=#231f20>(3.20</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to Common Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.50</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1.01</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.95</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.40</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.89</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1.03</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1.06</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.99</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.75</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.68</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.63</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.64</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.73</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.79</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">$<FONT color=#231f20></FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.61</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.35</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.25</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>16.35</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>18.97</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">2</FONT></SUP></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.82</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.49</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>26.55</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.63</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(22.93</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(0.95</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.38</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.87</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(0.61</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>34.50</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(33.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(8.49</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>21.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.29</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and before</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>fees paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>and excluding interest expense and fees</FONT><SUP><FONT color=#231f20>4,6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.01</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net investment income</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.58</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.29</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9.53</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.84</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Dividends to AMPS Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.87</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.81</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Net investment income to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.44</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.60</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.03</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.66</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.56</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>4.99</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net assets applicable to Common Shareholders,</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>239,061</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>217,541</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>232,471</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>196,811</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>180,188</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>247,272</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>263,878</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AMPS outstanding at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>125,950</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>125,950</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>125,950</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>126,950</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>126,950</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>146,550</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>146,550</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>38</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>43</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>82</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Asset coverage per AMPS at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>72,451</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>68,183</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>71,147</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>63,762</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>60,495</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>67,185</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>70,054</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE>
<BR>
<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"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based<SUP>&nbsp;</SUP>on
                                                                                                                                  average
                                                                                                                                  shares
                                                                                                                                  outstanding.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total<SUP>&nbsp;</SUP>investment returns based on market price, which
can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate<SUP>&nbsp;</SUP>total investment return.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Do<SUP>&nbsp;</SUP>not reflect the effect of dividends to AMPS Shareholders.
</FONT>&nbsp;</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"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Annualized.&nbsp;</FONT><SUP>&nbsp;</SUP></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"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest<SUP>&nbsp;</SUP>expense and fees related to TOBs. See Note 1
of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 42 -->
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<A name="page_43"></A><BR>
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<TR>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">

<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended<BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="text-align: center; border-bottom: Black 1pt solid"><B>Year Ended</B><BR>
<B>October 31,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Period</FONT></B><BR>
<B>February 28,</B><BR>
<B>2006</B><B><SUP>1</SUP></B> <B>to</B><BR>
<B>October 31,</B><BR>
<B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</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 COLSPAN="22" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>10.51</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>11.27</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>9.52</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>8.57</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>13.72</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>14.89</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>14.33</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.38</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.76</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.75</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.34</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.81</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.70</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.45</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>0.84</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.79</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.69</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>0.94</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(5.30</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(1.15</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>0.62</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.22</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.03</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2.44</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.28</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(4.49</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.45</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.07</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Dividends from net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.38</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.73</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.69</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.33</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.66</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.72</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.48</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><FONT color=#231f20>Capital charges with respect to issuance of Common Shares</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>&#151;</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.03</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.35</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>10.51</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.27</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>9.52</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8.57</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.72</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>14.89</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.00</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>10.20</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>10.77</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8.79</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8.40</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>12.14</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>14.70</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR>
     <TD colSpan=26>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="22" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">4</FONT></SUP></B></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(0.18</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>26.81</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>15.78</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(33.64</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(2.93</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.48</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.66</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.37</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>31.25</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>9.06</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(26.49</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(13.00</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.40</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR>
     <TD colSpan=26>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="22" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.67</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.81</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.80</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>2.95</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.00</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.69</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Total expenses after fees waived and before</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="text-indent: 8px; padding-bottom: 2pt"><FONT color=#231f20>fees paid indirectly</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.37</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.43</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.40</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>2.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>3.60</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.29</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.14</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.37</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.43</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.40</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>2.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>3.60</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.29</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.11</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><FONT color=#231f20>Total expenses after fees waived and paid indirectly and excluding interest expense and fees</FONT><SUP><FONT color=#231f20>7</FONT></SUP></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.83</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.78</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.75</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.83</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.89</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.97</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.78</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.97</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.07</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.88</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.56</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.87</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.79</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD></TR>
<TR>
     <TD colSpan=26>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="22" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Net assets, end of period (000)</FONT></TD>
     <TD STYLE="text-align: left; border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>151,753</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>140,510</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>150,357</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>127,079</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>114,382</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>183,161</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>198,137</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" WIDTH="26%" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="text-align: left; width: 4%; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>14</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="6%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>12</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>30</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>15</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>39</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="7%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>20</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<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"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Commencement of operations.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Net asset value, beginning of period, reflects a deduction
of $0.675 per sales charge from the initial offering price of $15.00 per share.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based on average shares outstanding.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total investment returns based on market price, which
can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate total investment return.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Annualized.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>7&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest expense and fees related to TOBs. See Note 1
of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
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     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended <BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended December 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.63</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.51</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12.04</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>10.55</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.79</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.77</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.28</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">0.53</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">1.06</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">1.10</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">0.35</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">1.09</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.12</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.65</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.15</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2.16</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.41</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(4.28</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.97</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.48</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.01</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.04</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.04</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.02</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.30</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.33</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.29</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.17</FONT></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"><FONT color=#231f20>0.87</FONT></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"><FONT color=#231f20>3.22</FONT></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"><FONT color=#231f20>1.74</FONT></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"><FONT color=#231f20>(3.49</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.18</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.29</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to Common Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.37</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.75</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.75</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.25</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.75</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.80</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.80</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.43</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.63</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.51</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.55</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.79</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.77</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.46</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.89</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.70</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.57</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.60</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.77</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">2</FONT></SUP></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.96</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>26.97</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>16.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(24.57</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(1.16</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.72</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.29</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>23.52</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>22.54</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(17.81</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(9.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>18.66</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.00</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.03</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.00</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.03</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.05</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and paid indirectly and</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>excluding interest expense and fees</FONT><SUP><FONT color=#231f20>4,6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.99</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.02</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.05</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.21</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.10</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.05</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net investment income</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.93</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.01</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.27</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.09</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Dividends to AMPS Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.59</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.18</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.89</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Net investment income to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.79</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.02</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.80</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.69</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.13</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net assets applicable to Common Shareholders,</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>312,181</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>296,082</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>293,549</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>243,571</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>213,472</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>299,372</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>319,131</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AMPS outstanding at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>173,850</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>173,850</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>173,850</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>173,850</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>173,850</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>177,600</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>177,600</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>3</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>4</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Asset coverage per AMPS at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>69,891</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>67,579</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>67,215</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>60,027</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>55,703</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>67,154</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>69,937</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based<SUP>&nbsp;</SUP>on average shares outstanding.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total<SUP>&nbsp;</SUP>investment returns based on market
price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where
applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate<SUP>&nbsp;</SUP>total investment return.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Do<SUP>&nbsp;</SUP>not reflect the effect of dividends
to AMPS Shareholders.&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Annualized.</FONT><SUP>&nbsp;&nbsp;</SUP></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest<SUP>&nbsp;</SUP>expense and fees related to
TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 44 -->
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<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR></TABLE><BR>
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     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
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     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended<BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended October 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12.16</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>13.23</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>10.74</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>10.08</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.55</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.37</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.71</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.50</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.01</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.03</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT STYLE="color: #231f20">0.52</FONT></TD>
     <TD STYLE="text-align: left"><sup>1</sup></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.12</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.11</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.14</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.18</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(1.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2.42</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.58</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(4.38</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.63</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.78</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders from:</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.01</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.02</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.30</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.31</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.27</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Net realized gain</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>(0.00</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.67</FONT></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"><FONT color=#231f20>(0.12</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>3.42</FONT></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"><FONT color=#231f20>1.07</FONT></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"><FONT color=#231f20>(3.56</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.17</FONT></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"><FONT color=#231f20>1.65</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to Common Shareholders from:</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.48</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.95</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.93</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.41</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.91</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.99</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.99</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left"><FONT color=#231f20>Net realized gain</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>&#151;</FONT></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"><FONT color=#231f20>(0.00</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT><SUP><FONT color=#231f20>2</FONT></SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total dividends and distributions to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.48</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.95</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.93</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.41</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.91</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.99</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.99</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.35</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.16</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.74</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.08</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.55</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.37</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.81</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.35</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.44</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.10</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.75</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.92</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17.30</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">3</FONT></SUP></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.89</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>32.75</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(25.69</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.70</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.24</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>16.00</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>30.49</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>32.34</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(41.05</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(2.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.44</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.38</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.18</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.21</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.24</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.88</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>and excluding interest expense and fees</FONT><SUP><FONT color=#231f20>5,7</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.98</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.88</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net investment income</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.62</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.84</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.37</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.48</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.34</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.43</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.65</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Dividends to AMPS Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.70</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Net investment income to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.51</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.64</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9.78</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.82</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net assets applicable to Common Shareholders,</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>595,002</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>541,097</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>587,250</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>474,814</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>445,289</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>640,981</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>674,080</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AMPS outstanding at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>270,875</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>270,875</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>270,875</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>293,125</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>293,125</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>375,125</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>375,125</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>18</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>32</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>77</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Asset coverage per AMPS at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>79,915</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>74,941</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>79,201</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>65,498</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>62,989</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>67,727</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>69,933</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based on average shares outstanding.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Amount is less than $(0.01) per share.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total investment returns based on market price, which
can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate total investment return.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Do not reflect the effect of dividends to AMPS Shareholders.
</FONT>&nbsp;</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"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Annualized.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>7&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest expense and fees related to TOBs. See Note 1
of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 45 -->
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<A name="page_46"></A><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">
<TR>
     <TD width="32%"></TD>
     <TD STYLE="width: 3%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="1%"></TD>
     <TD width="5%"></TD>
     <TD width="3%"></TD>
     <TD width="2%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended<BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended December 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</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>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>13.11</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>13.86</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>11.87</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>10.77</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>14.12</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>15.01</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>$</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>15.27</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.45</FONT></TD>
     <TD align=left><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT STYLE="color: #231f20">0.98</FONT></TD>
     <TD align=left><sup>1</sup></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.92</FONT></TD>
     <TD align=left><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.27</FONT></TD>
     <TD align=left><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.89</FONT></TD>
     <TD align=left><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>0.99</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1.02</FONT></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1.01</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>(0.81</FONT></TD>
     <TD align=left><FONT color=#231f20>)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1.83</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>1.03</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>(3.36</FONT></TD>
     <TD align=left><FONT color=#231f20>)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>(0.74</FONT></TD>
     <TD align=left><FONT color=#231f20>)</FONT></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT color=#231f20>(0.09</FONT></TD>
     <TD align=left><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Dividends to AMPS Shareholders from</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.01</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.03</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.04</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.02</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.26</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.31</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.28</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD NOWRAP STYLE="text-align: left"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.45</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>0.14</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>2.71</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>1.28</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(2.73</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.06</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>0.65</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#231f20>Dividends to Common Shareholders from</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" align=left><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.46</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.89</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.72</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.18</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.62</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.83</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>(0.91</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>14.10</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.11</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.86</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.87</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>10.77</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>14.12</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>15.01</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.57</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>12.99</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.88</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>9.85</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8.42</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>13.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>17.43</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">2</FONT></SUP></B>   </TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>11.20</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.07</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>23.80</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>12.28</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(19.63</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(0.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.09</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8.01</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.00</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>49.41</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>19.18</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(34.53</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>(18.04</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>)%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16.45</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.68</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.56</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.60</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.63</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.61</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.51</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Total expenses after fees waived and before fees paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.66</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.59</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.61</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.45</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.37</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.28</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.66</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.55</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.59</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.61</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.45</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.35</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.23</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Total expenses after fees waived and paid indirectly and excluding interest expense and fees</FONT><SUP><FONT color=#231f20>4,6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.54</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.43</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.57</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.61</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.42</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.35</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.23</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Net investment income</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.45</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.28</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.94</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.38</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.73</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Dividends to AMPS Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.14</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.25</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.28</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>0.56</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>2.17</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>2.10</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>1.85</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Net investment income to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.31</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7.03</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.66</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>6.82</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.65</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.72</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>4.88</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Net assets applicable to Common Shareholders, end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>28,576</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>26,574</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>28,038</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>24,023</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>21,799</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>28,560</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>30,306</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>AMPS outstanding at $25,000 liquidation preference, end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16,325</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16,325</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16,325</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16,825</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>16,825</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>17,500</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>17,500</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>25</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>17</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>19</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>8</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>45</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>41</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>7</FONT></TD>
     <TD ALIGN="LEFT" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; text-indent: -8px; padding-bottom: 2pt; padding-left: 8px"><FONT color=#231f20>Asset coverage per AMPS at $25,000 liquidation preference, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; width: 3%"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="6%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>68,761</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="6%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>65,697</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>67,939</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="6%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>60,696</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="6%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>57,399</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="LEFT" WIDTH="1%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>65,817</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD ALIGN="RIGHT" WIDTH="2%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="4%" STYLE="border-bottom: Black 2pt solid"><FONT color=#231f20>68,305</FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%" STYLE="border-bottom: Black 2pt solid">&nbsp;</TD></TR></TABLE><BR>
<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"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based on average shares outstanding.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total investment returns based on market price, which
can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate total investment return.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Do not reflect the effect of dividends to AMPS Shareholders.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest expense and fees related to TOBs. See Note 1
of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 46 -->
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     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="text-align: right; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><B><FONT color=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 8pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD></TD>
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     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center"><B><FONT color=#231f20>Six Months Ended<BR>
October 31,</FONT></B><BR>
<B>2011</B><BR>
<B>(Unaudited)</B></TD>
     <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended April 30,</B></TD>
     <TD COLSPAN="3" ROWSPAN="2" 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="9" STYLE="text-align: center; border-bottom: Black 1pt solid"><B><BR>
<BR>
Year Ended December 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2011</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2010</B></TD>
     <TD STYLE="text-align: center"></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2008</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2007</B></TD>
     <TD COLSPAN="3" STYLE="text-align: center"><B>2006</B></TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Per Share Operating Performance</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net asset value, beginning of period</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>12.27</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>13.00</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>10.95</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>9.90</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>14.27</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.64</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>15.68</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.46</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.94</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.96</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.32</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.02</FONT></TD>
     <TD STYLE="text-align: left"><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net realized and unrealized gain (loss)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.97</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(0.77</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.96</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1.00</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(4.32</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>(1.10</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.28</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.01</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.02</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.03</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.02</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.26</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.32</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.29</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net increase (decrease) from investment operations</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.42</FONT></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"><FONT color=#231f20>0.15</FONT></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"><FONT color=#231f20>2.89</FONT></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"><FONT color=#231f20>1.30</FONT></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"><FONT color=#231f20>(3.56</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.35</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1.06</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to Common Shareholders from</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>net investment income</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.44</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.88</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.84</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.25</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(0.81</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1.02</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>(1.10</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Net asset value, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.25</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.27</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.00</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.95</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9.90</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>14.27</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>15.64</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Market price, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.45</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.88</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>12.95</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>10.15</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.96</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>18.69</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Total Investment Return Applicable to Common Shareholders</FONT></B><B><SUP><FONT STYLE="color: #394c87">2</FONT></SUP></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Based on net asset value</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11.78</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>27.36</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>13.44</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(25.70</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(2.82</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.38</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt; text-align: left"><FONT color=#231f20>Based on market price</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(1.65</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>36.87</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>27.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>3</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(37.17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>(20.44</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>)%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>16.29</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Ratios to Average Net Assets Applicable to Common Shareholders</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.36</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.49</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.54</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.30</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.31</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and before</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>fees paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.36</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.48</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.45</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.14</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.07</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.39</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.36</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.48</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.45</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.13</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Total expenses after fees waived and paid indirectly</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left"><FONT color=#231f20>and excluding interest expense and fees</FONT><SUP><FONT color=#231f20>4,6</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.28</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.26</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.40</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.23</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.13</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net investment income</FONT><SUP><FONT color=#231f20>4</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.72</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.38</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.91</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>9.48</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.04</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.89</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Dividends to AMPS Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.22</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>0.49</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.02</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>2.12</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>1.83</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>Net investment income to Common Shareholders</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.61</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>7.69</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>8.99</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT><SUP><FONT color=#231f20>5</FONT></SUP></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6.02</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.00</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>5.06</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR>
     <TD colSpan=25>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD COLSPAN="25" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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">Supplemental Data</FONT></B>   </TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Net assets applicable to Common Shareholders,</FONT></TD>
     <TD STYLE="text-align: 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>
     <TD STYLE="text-align: 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: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>96,630</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>89,481</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>94,736</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>79,820</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>72,188</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>103,882</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>113,697</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>AMPS outstanding at $25,000 liquidation preference,</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>end of period (000)</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>42,975</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>42,975</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>42,975</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>47,750</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>47,750</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>62,000</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>62,000</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT color=#231f20>Portfolio turnover</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>19</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>20</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>32</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>6</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>17</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>21</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>71</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>Asset coverage per AMPS Share at $25,000 liquidation</FONT></TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-indent: 8px; text-align: left; padding-bottom: 2pt"><FONT color=#231f20>preference, end of period</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>81,213</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>77,055</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>80,113</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>66,791</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>62,803</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>66,904</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>78,856</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left">&nbsp;</TD></TR></TABLE><BR>
<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"><FONT STYLE="color: #231f20"><SUP>1&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Based on average shares outstanding.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>2&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Total investment returns based on market price, which
can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable,
total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>3&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Aggregate total investment return.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>4&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Do not reflect the effect of dividends to AMPS Shareholders.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>5&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">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.&nbsp;</FONT></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"><FONT STYLE="color: #231f20"><SUP>6&nbsp;</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="color: #231f20">Interest expense and fees related to TOBs. See Note 1
of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.&nbsp;</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>See Notes to Financial Statements.</FONT></P>
<!-- Field: Page; Sequence: 47 -->
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<A name="page_48"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_012"></A>Notes to Financial Statements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>1. Organization and Significant Accounting Policies:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>BlackRock Investment Quality Municipal Trust Inc. (&#147;BKN&#148;) is organized as a Maryland corporation. BlackRock Long-Term Municipal Advantage Trust (&#147;BTA&#148;), BlackRock Municipal 2020 Term Trust (&#147;BKK&#148;), BlackRock Municipal Income Trust (&#147;BFK&#148;), BlackRock Pennsylvania Strategic Municipal Trust (&#147;BPS&#148;) and BlackRock Strategic Municipal Trust (&#147;BSD&#148;) (collectively, together with BKN, the &#147;Trusts&#148; or individually as the &#147;Trust&#148;) are organized as Delaware statutory trusts. BKN, BKK, BFK and BSD are registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), 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&#146; financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the &#147;Board of Trustees&#148; or the &#147;Board&#148;, and the directors/trustees thereof are collectively referred to throughout this report as &#147;Trustees&#148;. The Trusts determine and make available for publication the NAVs of their Common Shares on a daily basis.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following is a summary of significant accounting policies followed by the Trusts:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Valuation:</B> US GAAP defines fair value as the price the Trusts
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 fair value their financial instruments at market value using independent dealers or pricing services under policies
approved by the Board. Municipal investments (including commitments to purchase such investments on a &#147;when-issued&#148;
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 NAV each business day. Short-term securities with remaining maturities of 60 days or less may be valued
at amortized cost, which approximates fair value.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>In the event that application of these methods of valuation results in a price for an investment which 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 in accordance with a policy approved by the Board as reflecting fair value (&#147;Fair Value Assets&#148;). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm&#146;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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&#146; maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions, which is shown in the
Schedules of Investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Municipal Bonds Transferred to TOBs:</B> The Trusts leverage their
assets through the use of TOBs. A TOB is established by a third party sponsor forming a special purpose entity, into which one
or more funds, or an agent on behalf of the funds, transfers municipal bonds. 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, which are sold to third party investors, and residual certificates (&#147;TOB
Residuals&#148;), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Trust
include the right of a Trust (1) to cause the holders of a proportional share of the short-term floating rate certificates to
tender their certificates at par, including during instances of a rise in short-term interest rates, and (2) to transfer, within
seven days, a corresponding share of the municipal bonds from the TOB to a Trust. The TOB may also be terminated without the consent
of a Trust upon the occurrence of certain 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 quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal
bond or the inability to remarket the short-term floating rate certificates to third party investors. During the period ended
October 31, 2011, no TOBs that the Trusts participated in were terminated without the consent of the Trusts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to a Trust in exchange for TOB trust certificates. The Trusts typically invest the cash in additional municipal bonds. Each Trust&#146;s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trusts&#146; Schedules of Investments and the TOB trust certificates are shown in other liabilities in the Statements of Assets and Liabilities.</FONT></P>
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<A name="page_49"></A><BR>
<P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 short-term floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At October 31, 2011, 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:</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right">Underlying<BR> Municipal<BR> Bonds<BR> Transferred<BR> to TOBs</TD>
<TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
<TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right">Liability<BR> for TOB Trust<BR> Certificates</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right">Range of<BR> Interest Rates</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 42%; color: #231f20; text-align: left">BKN</TD><TD STYLE="width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 15%; color: #231f20; text-align: right">22,297,192</TD><TD STYLE="width: 5%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 15%; color: #231f20; text-align: right">11,008,644</TD><TD STYLE="width: 5%; color: #231f20">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; color: #231f20; text-align: right">0.14% &ndash; 0.20%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BTA</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">139,679,642</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">90,780,965</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">0.13% &ndash; 0.27%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BKK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">5,540,600</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">3,750,000</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">0.16%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BFK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">158,194,357</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">91,205,966</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">0.13% &ndash; 0.27%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BPS</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">10,352,637</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">5,124,261</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">0.14% &ndash; 0.34%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">BSD</TD><TD STYLE="color: #231f20; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">28,185,822</TD><TD STYLE="color: #231f20; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">15,871,123</TD><TD STYLE="color: #231f20; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">0.13% &ndash; 0.24%</TD></TR>
</TABLE>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the period ended October 31, 2011, the Trusts&#146; average TOB trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 63%; padding-bottom: 1pt"></TD>
     <TD STYLE="width: 2%; padding-bottom: 1pt"></TD>
     <TD STYLE="width: 15%; padding-bottom: 1pt"></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
     <TD STYLE="width: 15%; padding-bottom: 1pt">&nbsp;</TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>Average</B><BR>
<B>TOB Trust</B><BR>
<B>Certificates</B><BR>
<B>Outstanding</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>Daily</B><BR>
<B>Weighted</B><BR>
<B>Average</B><BR>
<B>Interest</B><BR>
<B>Rate</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,660,067</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.62%</FONT></TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>87,782,560</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.90%</FONT></TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>3,750,000</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.54%</FONT></TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>76,413,850</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.55%</FONT></TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,969,624</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.73%</FONT></TD>
     </TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>13,642,585</FONT></TD>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.64%</FONT></TD>
     </TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Should short-term interest rates rise, the Trusts&#146; investments in TOBs may adversely affect the Trusts&#146; net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Trusts&#146; NAVs per share.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Segregation and Collateralization: </B>In cases in which the 1940
Act and the interpretive positions of the Securities and Exchange Commission (&#147;SEC&#148;) require that the Trusts either
deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts), or certain
borrowings (e.g., reverse repurchase agreements and loan payable), the Trusts will, consistent with SEC rules and/or certain interpretive
letters issued by the SEC, segregate collateral or designate on its 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, each party to such transactions has requirements to deliver/deposit
securities as collateral for certain investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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 amount 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 AMPS Shareholders are accrued and determined as described in Note 7.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Income Taxes:</B> It is each Trust&#146;s policy to comply with the
requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute
substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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' US federal tax returns remains open for each of the two years ended April 30, 2011, the period ended April 30, 2009 and the preceding taxable year of the respective Trust. The statutes of limitations on each Trust&#146;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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Recent Accounting Standard:</B> In May 2011, the Financial Accounting
Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures
for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used
in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity
of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs.
In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The
amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods
within those fiscal years. Management is evaluating the impact of this guidance on the Trusts&#146; financial statements and disclosures.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Deferred Compensation and BlackRock Closed-End Share Equivalent Investment
Plan:</B> Under the deferred compensation plan approved by each Trust&#146;s Board, independent Trustees (&#147;Independent Trustees&#148;)
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 Trustees.
This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred
amounts directly in certain other BlackRock Closed-End Funds.</FONT></P>
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<A name="page_50"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust&#146;s deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income &#151; affiliated in the Statements of Operations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Other:</B> Expenses directly related to a Trust are charged to that
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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>2. Derivative Financial Instruments:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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 counter-party 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,
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 margin variation
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.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Derivative Financial Instruments Categorized by Risk Exposure:</FONT></B></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>

<TR vAlign=bottom>
     <TD COLSPAN="6" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Fair Values of Derivative Financial Instruments as of October 31, 2011</B></TD></TR>
<TR vAlign=bottom>
     <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" align=center colSpan=4><B>Asset Derivatives</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B><FONT color=#231f20>BTA</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B><FONT color=#231f20>BFK</FONT></B></TD>
     <TD ALIGN="CENTER" COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>BSD</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B><FONT color=#231f20>Statements of Assets and</FONT></B><BR>
<B>Liabilities Location</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="padding-bottom: 2pt"><FONT color=#231f20>Interest rate contracts</FONT></TD>
    <TD STYLE="padding-bottom: 2pt">Net unrealized appreciation/deprecation*&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT color=#231f20> $34,597</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: center"><FONT color=#231f20>$191,610</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$23,208</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>* Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day&#146;s margin variation is reported within the Statements of Assets and Liabilities.</FONT></P>

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

  <tr>

    <TD STYLE="width: 34%"></td>
    <TD STYLE="width: 1%; vertical-align: bottom; text-align: left"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 1%"></td>
  </tr>

  <tr valign=bottom>

    <td colspan="15" style="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><b><font color=#231f20>The Effect of Derivative Financial Instruments in the Statements of Operations<br>

Six Months Ended October 31, 2011</font></b></td>
  </tr>

  <tr valign=bottom>

    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan=15><b><font color=#231f20>Net Realized Loss From</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left">&nbsp;</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan=4><b><font color=#231f20>BKN</font></b></td>
    <td style="BORDER-BOTTOM: #000000 1px solid" align=center colspan="2"><b><font color=#231f20>BTA</font></b></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BFK</font></b></td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BPS</font></b></td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BSD</font></b></td>
  </tr>









  <tr valign=bottom>
    <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><font color=#231f20>Interest rate </font><font color=#231f20>contracts: </font><font color=#231f20><BR>
Financial </font><font color=#231f20>futures</font><font color=#231f20> contracts</font></td>


    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>(1,659,755</font></td>
    <TD STYLE="border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$(1,134,777</font></td>
    <TD STYLE="border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">
      <p><font color=#231f20>$(3,879,236</font></p>
    </td>
    <TD STYLE="border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$(183,296</font></td>
    <TD STYLE="border-bottom: Black 1pt solid">)</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>(670,976</font></td>
    <TD STYLE="border-bottom: Black 1pt solid">)</td>
  </tr>

  <tr>

    <td colspan=15>&nbsp;</td>
  </tr>

  <tr valign=bottom>

    <TD COLSPAN="15" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><b><font color=#231f20>Net Change in Unrealized Appreciation/Depreciation on</font></b></td>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: center">&nbsp;</td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BKN</font></b></td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BTA</font></b></td>
    <td colspan="2" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BFK</font></b></td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BPS</font></b></td>
    <td colspan="3" style="border-bottom: #000000 1px solid; text-align: center"><b><font color=#231f20>BSD</font></b></td>
  </tr>









  <tr valign=bottom>
    <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><font color=#231f20>Interest rate </font><font color=#231f20>contracts:</font><font color=#231f20> <BR>
Financial </font><font color=#231f20>futures </font><font color=#231f20>contracts</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>391,480</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font color=#231f20>&nbsp;</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$&nbsp;&nbsp;&nbsp;&nbsp;310,422</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$ 1,255,505 </font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><font color=#231f20>&nbsp;</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$&nbsp;&nbsp;26,269</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>$</font></td>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><font color=#231f20>196,583</font></td>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
  </tr>
</table>
<BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the six months ended October 31, 2011, the average quarterly balances of outstanding derivative financial instruments were as follows:</FONT></P>

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

  <tr>

    <TD STYLE="width: 34%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 4%"></td>
    <TD STYLE="width: 1%"></td>
    <TD STYLE="width: 9%"></td>
    <TD STYLE="width: 1%">&nbsp;</TD>
  </tr>

  <tr valign=bottom>

    <TD STYLE="text-align: left; border-top: Black 1px solid">&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><b><font color=#231f20>BKN</font></b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><b><font color=#231f20>BTA</font></b></td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><b></b><b><font color=#231f20>BFK</font></b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;&nbsp;</td>
    <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><b></b><b><font color=#231f20>BPS</font></b></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;&nbsp;</td>
    <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center; border-top: Black 1px solid"><B></B><B><FONT STYLE="color: #231f20">BSD</FONT></B></TD>
  </tr>







  <tr valign=bottom>
    <TD STYLE="text-align: left; padding-left: 8px; text-indent: -8px"><font color=#231f20>Financial futures </font><font color=#231f20>contracts:</font><font color=#231f20> <BR>
Average number </font><font color=#231f20>of contracts sold</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>40</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>54</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>203</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>5</font></td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="text-align: right"><font color=#231f20>34</font></td>
    <TD>&nbsp;</TD>
  </tr>





  <tr valign=bottom>
    <TD NOWRAP STYLE="text-align: left; text-indent: 8px"><font color=#231f20>Average notional</font><font color=#231f20> value of</font><font color=#231f20> contracts sold</font></td>


    <TD STYLE="border-bottom: #000000 1px solid"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>5,125,000</font></td>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid"><font color=#231f20>&nbsp;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$6,776,594</font></td>
    <TD STYLE="border-bottom: #000000 1px solid"><font color=#231f20>&nbsp;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>$&nbsp;25,791,313</font></td>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid"><font color=#231f20>&nbsp;</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right">.<font color=#231f20>$&nbsp;628,438</font></td>
    <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</td>
    <TD STYLE="border-bottom: #000000 1px solid"><font color=#231f20>$</font></td>
    <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><font color=#231f20>4,247,656</font></td>
    <TD>&nbsp;</TD>
  </tr>
</table>


<BR>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>3. Investment Advisory Agreement and Other Transactions with Affiliates:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The PNC Financial Services Group, Inc. (&#147;PNC&#148;) and Barclays Bank PLC (&#147;Barclays&#148;) are the largest stockholders of BlackRock, Inc. (&#147;BlackRock&#148;). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but Barclays is not.</FONT></P>
<!-- Field: Page; Sequence: 50 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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 --> <!--$$/page=-->
<A name="page_51"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &#147;Manager&#148;), the Trusts&#146; 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&#146;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&#146;s average daily net assets at the following annual rates:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; color: #231f20; text-align: left; border-top: Black 1pt solid">BKN</TD><TD STYLE="width: 10%; color: #231f20; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 18%; color: #231f20; text-align: right; border-top: Black 1pt solid">0.35%</TD><TD STYLE="width: 1%; color: #231f20; text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BTA</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; text-align: right">1.00%</TD><TD STYLE="color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BKK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; text-align: right">0.50%</TD><TD STYLE="color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BFK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; text-align: right">0.60%</TD><TD STYLE="color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BPS</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="color: #231f20; text-align: right">0.60%</TD><TD STYLE="color: #231f20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; border-bottom: Black 1pt solid">BSD</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">0.60%</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Average weekly net assets for all of the Trust&#146;s, except BTA, is the average weekly value of each Trust&#146;s total assets minus the sum of its accrued liabilities. For BTA, average weekly net assets is the average weekly value of the Trust&#146;s total assets minus the sum of its total liabilities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 65%"></TD>
     <TD STYLE="width: 31%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Through</FONT></B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1pt solid"><B><FONT color=#231f20>Rate</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>January 31, 2011</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.40</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>January 31, 2012</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.30</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>January 31, 2013</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.20</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></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"><FONT color=#231f20>January 31, 2014</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.10</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the period ended October 31, 2011, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the year ended April 30, 2011, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; border-bottom: Black 1pt solid; width: 92%; border-top: Black 1pt solid">BTA</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left; width: 1%; border-top: Black 1pt solid">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right; width: 6%; border-top: Black 1pt solid">222,202</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left; width: 1%; border-top: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds, however, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Trust&#146;s investment in other affiliated investment companies, if any. These amounts are shown as, or included in, fees waived by advisor in the Statements of Operations. For the six months ended October 31, 2011, the amounts waived were as follows:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR vAlign=bottom>
     <TD STYLE="text-align: left; width: 92%; border-top: Black 1pt solid"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: left; width: 1%; border-top: Black 1pt solid"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; width: 6%; border-top: Black 1pt solid"><FONT color=#231f20>1,099</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>308</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>698</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,839</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,079</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>942</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Manager entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (&#147;BFM&#148;), 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146;s average weekly net assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Certain officers and/or Trustees of the Trusts are officers and/or directors of BlackRock or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts&#146; Chief Compliance Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>4. Investments:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Purchases and sales of investments, excluding short-term securities, for the period ended October 31, 2011, were as follows:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; color: #231f20; font-weight: bold; text-align: left; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right; border-top: Black 1pt solid">Purchases</TD><TD STYLE="color: #231f20; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right; border-top: Black 1pt solid">Sales</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; color: #231f20; text-align: left">BKN</TD>
    <TD STYLE="width: 8%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 12%; color: #231f20; text-align: right">77,416,034</TD><TD STYLE="width: 8%; color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">$81,462,435</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BTA</TD>
    <TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">23,403,728</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">$17,200,692</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BKK</TD>
    <TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">17,748,727</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">$11,847,622</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BFK</TD>
    <TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">93,817,258</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">$61,663,008</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BPS</TD>
    <TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">10,547,683</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: right">$&nbsp;&nbsp;8,941,789</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; border-bottom: Black 1pt solid">BSD</TD>
    <TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">22,759,295</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">$24,588,098</TD></TR>
</TABLE>
<BR>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>5. Capital Loss Carryforwards:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>As of April 30, 2011, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%; padding-right: 10pt"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%; padding-right: 10pt"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%; padding-right: 10pt"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%; padding-right: 10pt"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%; padding-right: 10pt"></TD>
     <TD STYLE="width: 1%"></TD>
     <TD STYLE="width: 8%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B><FONT color=#231f20>Expires April 30,</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BKN</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BTA</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BKK</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BFK</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BPS</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>BSD</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2012</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>15,775,833</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>427,602</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2013</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>264,701</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>59,917</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,011,077</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2014</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>22,282</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>701,315</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>4,991,959</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2015</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>524,725</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>606,017</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2016</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>4,566,913</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>22,052,642</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>411,992</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>10,207,532</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>127,957</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>251,883</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2017</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>4,506,796</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>6,882,935</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>2,065,704</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>929,529</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>4,028,776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2018</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>1,174,679</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>4,821,726</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>471,188</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>2,455,638</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>586,549</FONT></TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,381,683</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>2019</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>951,237</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>1,090,371</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>2,978,126</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; padding-bottom: 2pt"><B><FONT color=#231f20>Total</FONT></B></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>10,270,670</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>35,409,855</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>2,762,977</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>36,102,683</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>1,703,952</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 2pt solid; text-align: right"><FONT color=#231f20>11,079,147</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Trusts after April 30, 2011 will not be subject to expiration. In addition, any such losses must be utilized prior to the losses incurred in pre-enactment taxable years.</FONT></P>
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<A name="page_52"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>6. Concentration, Market and Credit Risk:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 concentration in specific states.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 counter-party 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&#146; exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Trusts&#146; Statements of Assets and Liabilities, less any collateral held by the Trusts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>As of October 31, 2011, BKN, BPS, and BSD invested a significant portion of their assets in the health sector. Changes in economic conditions effecting the health sector would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>7. Capital Share Transactions:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>BKK, BFK, BPS and BSD are authorized to issue an unlimited number of shares, including AMPS, par value $0.001 per share, all of which were initially classified as Common Shares. BKN is authorized to issue 200 million shares including AMPS, 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 AMPS but has not done so. The Board is authorized, however, to reclassify any unissued shares without approval of Common Shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Common Shares</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>At October 31, 2011, the shares owned by an affiliate of the Manager of the Trusts were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="52%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid"><B><FONT color=#231f20>Shares</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT color=#231f20>BTA</FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#231f20>9,704</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Six Months</B><BR> <B>Ended</B><BR> <B>October 31,</B><BR> <B>2011</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Year</B><BR>
<B>Ended</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; width: 66%"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; width: 14%"><FONT color=#231f20>31,344</FONT></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 17pt; width: 13%"><FONT color=#231f20>68,294</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>&#151;</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 17pt"><FONT color=#231f20>27,526</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>61,768</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 17pt"><FONT color=#231f20>136,583</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>561</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 17pt"><FONT color=#231f20>2,930</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>277</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 17pt"><FONT color=#231f20>5,864</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Shares issued and outstanding remained constant for BKK for the period ended October 31, 2011 and the year ended April 30, 2011.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>AMPS</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The AMPS are redeemable at the option of BKN, BKK, BFK, BPS and BSD (collectively, the &#147;AMPS Funds&#148;), 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 the AMPS Funds, as set forth in the AMPS Funds&#146; Articles Supplementary/Statement of Preferences/Certificate of Designation (the &#147;Governing Instrument&#148;) are not satisfied.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>From time to time in the future, each AMPS Fund may effect repurchases of its AMPS at prices below their liquidation preference as agreed upon by the Fund and seller. Each AMPS Fund also may redeem its AMPS from time to time as provided in the applicable Governing Instrument. Each AMPS Fund 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The AMPS Funds had the following series of AMPS outstanding, effective yields and reset frequency as of October 31, 2011:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 50%"></TD>
     <TD STYLE="width: 9%; padding-right: 10pt"></TD>
     <TD STYLE="width: 11%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 7%"></TD>
     <TD STYLE="width: 10%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid"><B><FONT color=#231f20>Series</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid"><B><FONT color=#231f20>AMPS</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Effective</FONT></B><BR>
<B>Yield</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Reset</FONT></B><BR>
<B>Frequency</B><BR>
<B>Days</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,804</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T28</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,234</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,318</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,318</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,318</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>R7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>653</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>7</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>1,719</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>7</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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, each Trust is required to pay the maximum applicable rate on the AMPS to holders of such shares for successive dividend periods until such time as</FONT></P>
<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><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_53"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>the shares are successfully auctioned. The maximum applicable rate on all series of AMPS is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average dividend rates on the AMPS for each Trust for the period were as follows:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Arial'" cellspacing=0 cellPADDING=0 width="100%" border=0>
<TR>
     <TD STYLE="width: 43%"></TD>
     <TD STYLE="width: 13%; padding-right: 10pt"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 6%"></TD>
     <TD STYLE="width: 8%"></TD>
     <TD STYLE="width: 4%"></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: right; padding-bottom: 0pt"><B><FONT color=#231f20>Series</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>Low</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>High</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT color=#231f20>Average</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.37</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T28</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.15</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.35</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.25</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.41</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.37</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.35</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.41</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.37</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.37</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>R7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.35</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.35</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.23</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.36</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="text-align: left"><FONT color=#231f20>%</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.11</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.37</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0.24</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>%</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Since February 13, 2008, the AMPS of the Trusts failed to clear any of their auctions. As a result, the AMPS dividend rates were reset to the maximum applicable rate, which ranged from 0.11% to 0.41% for the six months ended October 31, 2011. A failed auction is not an event of default for the Trusts but it has a negative impact on the liquidity of AMPS. A failed auction occurs when there are more sellers of a Trust&#146;s AMPS than buyers. A successful auction for the Trusts&#146; AMPS may not occur for some time, if ever, and even if liquidity does resume, AMPS Shareholders may not have the ability to sell the AMPS at their liquidation preference.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The AMPS Funds 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>AMPS issued and outstanding remained constant during the six months ended October 31, 2011 and during the year ended April 30, 2011.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Each Trust&#146;s AMPS rank prior to the AMPS Funds&#146; Common Shares as to the payment of dividends by the AMPS Funds and distribution of assets upon dissolution or liquidation of the AMPS Funds. The 1940 Act prohibits the declaration of any dividend on the AMPS Funds&#146; Common Shares or the repurchase of the AMPS Funds&#146; Common Shares if the AMPS Funds fail to maintain the asset coverage of at least 200% of the liquidation preference of the outstanding AMPS. In addition, pursuant to the AMPS&#146; governing instrument, the AMPS Funds are restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the AMPS or repurchasing such shares if the AMPS Funds fail to declare and pay dividends on the AMPS, redeem any AMPS required to be redeemed under the AMPS governing instrument or comply with the basic maintenance amount requirement of the rating agencies then rating the AMPS.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20">The holders of AMPS 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 AMPS, voting as a separate class, are also entitled to elect two Trustees for the AMPS Funds. In addition, the
1940 Act requires that along with</FONT> <FONT STYLE="color: #231f20">approval by shareholders that might otherwise be required,
the approval of the holders of a majority of any outstanding AMPS, voting separately as a class would be required to (a) adopt
any plan of reorganization that would adversely affect the AMPS, (b) change the AMPS Funds&#146; 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>8. Subsequent Events:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Management&#146;s evaluation of the impact of all subsequent events on the Trusts&#146; financial statements was completed through the date the financial statements were issued and the following items were noted:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Trusts will pay a net investment income dividend in the following amounts per share on December 1, 2011 to Common Shareholders of record November 15, 2011:</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="color: #231f20; font-weight: bold; padding-bottom: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; color: #231f20; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Common Dividends<BR> Per Share</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; color: #231f20; text-align: left">BKN</TD><TD STYLE="width: 10%; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231f20; text-align: left">$</TD><TD STYLE="width: 8%; color: #231f20; text-align: right">0.08400</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BTA</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">0.06450</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BKK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">0.06225</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BFK</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">0.08010</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left">BPS</TD><TD STYLE="color: #231f20">&nbsp;</TD>
    <TD STYLE="color: #231f20; text-align: left">$</TD><TD STYLE="color: #231f20; text-align: right">0.07600</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #231f20; text-align: left; border-bottom: Black 1pt solid">BSD</TD><TD STYLE="color: #231f20; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #231f20; text-align: right">0.07400</TD></TR>
</TABLE>
<BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The dividends declared on AMPS for the period November 1, 2011 to November 30, 2011 were as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-top: Black 1pt solid"><B><FONT color=#231f20>Series</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B>Dividends</B><BR>
<B>Declared</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt; width: 10%"><FONT color=#231f20>T7</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
     <TD STYLE="text-align: right; width: 1%"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; width: 8%"><FONT color=#231f20>14,300</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T28</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,763</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,984</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,805</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,457</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>M7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,203</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>T7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>11,052</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>9,166</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>R7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,776</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>F7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>8,841</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>2,762</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT color=#231f20>W7</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>7,271</FONT></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>On December 16, 2011, the following Trusts issued Series W-7 Variable Rate MuniFund Term Preferred Shares (&#147;VMTP Shares&#148;), $100,000 liquidation value per share, with a maturity date of January 2, 2015 in private offerings of VMTP Shares with qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933 to finance the AMPS redemption. The VMTP Shares issued were as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B><FONT color=#231f20>Shares</FONT></B><BR>
<B>Issued</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><B><FONT color=#231f20>Proceeds</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; width: 10%; padding-right: 15pt"><FONT color=#231f20>1,259</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
     <TD STYLE="text-align: right; width: 1%"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right; width: 8%"><FONT color=#231f20>125,900,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 15pt"><FONT color=#231f20>2,708</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>270,800,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 15pt"><FONT color=#231f20>429</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT color=#231f20>42,900,000</FONT></TD></TR></TABLE><BR>
<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; 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, 2011</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<A name="page_54"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Notes to Financial Statements (concluded)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The following Trusts announced the redemption of all of the outstanding AMPS at the indicated liquidation preference per share plus any accrued and unpaid dividends through the expected redemption date as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 23%"></TD>
     <TD STYLE="width: 18%"></TD>
     <TD STYLE="width: 15%"></TD>
     <TD STYLE="width: 10%"></TD>
     <TD STYLE="width: 5%"></TD>
     <TD STYLE="width: 14%"></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B><FONT color=#231f20>Series</FONT></B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Announcement</FONT></B><BR>
<B>Date</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Redemption</FONT></B><BR>
<B>Date</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Shares</FONT></B><BR>
<B>Redeemed</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B><FONT color=#231f20>Liquidation</FONT></B><BR>
<B>Preference</B><BR>
<B>Per Share</B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/11/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,804</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>T28</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/18/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,234</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>M7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/10/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>T7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/11/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/12/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>R7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/13/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>F7</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>1/09/12</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>2,167</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>W7</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>12/19/11</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>1/12/12</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>1,719</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>$</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>25,000</FONT></TD></TR></TABLE><BR>
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<A name="page_55"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_013"></A>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of Directors and the Board of Trustees, as the case may be (each, a &#147;Board,&#148; collectively, the &#147;Boards,&#148; and the members of which are referred to as &#147;Board Members&#148;) of BlackRock Investment Quality Municipal Trust Inc. ("BKN"), BlackRock Long-Term Municipal Advantage Trust ("BTA"), BlackRock Municipal 2020 Term Trust ("BKK"), BlackRock Municipal Income Trust ("BFK"), BlackRock Pennsylvania Strategic Municipal Trust ("BPS"), BlackRock Strategic Municipal Trust ("BSD" and together with BKN, BTA, BKK, BFK and BPS, each a &#147;Fund,&#148; and, collectively, the &#147;Funds&#148;) met on April 14, 2011 and May 12&#150;13, 2011 to consider the approval of each Fund&#146;s investment advisory agreement (each, an &#147;Advisory Agreement&#148;) with BlackRock Advisors, LLC (the &#147;Manager&#148;), each Fund&#146;s investment advisor. The Board of each Fund also considered the approval of the sub-advisory agreement (each, a &#147;Sub-Advisory Agreement&#148;) between the Manager and BlackRock Financial Management, Inc. (the &#147;Sub-Advisor&#148;), with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as &#147;BlackRock.&#148; The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the &#147;Agreements.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Activities and Composition of the Board</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Each Board consists of eleven individuals, nine of whom are not &#147;interested persons&#148; of such Fund as defined in the Investment Company Act of 1940 (the &#147;1940 Act&#148;) (the &#147;Independent Board Members&#148;). 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 five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by an Independent Board Member. The Board of each of BKN, BKK, BFK, BPS and BSD also has established a Committee on Auction Market Preferred Shares. Further, the Boards, together with the boards of other BlackRock-managed funds, also had established an ad hoc committee, the Joint Product Pricing Committee, which consisted of Independent Board Members and the directors/trustees of the boards of certain other BlackRock-managed funds, who were not &#147;interested persons&#148; of their respective funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>The Agreements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Pursuant to the 1940 Act, the Boards are required to consider the continuation of the Agreements on an annual basis. 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 program and assistance in meeting applicable legal and regulatory requirements.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146;s and portfolio managers&#146; analyses of the reasons for any over performance or underperformance against their peers and/or benchmark, as applicable; (b) fees, including advisory and, with respect to BKN, administration fees, 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&#146; investment objectives, policies and restrictions; (e) the Funds&#146; 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&#146;s and other service providers&#146; internal controls and risk and compliance oversight mechanisms; (h) BlackRock&#146;s implementation of the proxy voting policies approved by the Boards; (i) execution quality of portfolio transactions; (j) BlackRock&#146;s implementation of the Funds&#146; valuation and liquidity procedures; (k) analyses of contractual and actual management fee ratios for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels, as applicable; (l) BlackRock&#146;s compensation methodology for its investment professionals and the incentives it creates; and (m) periodic updates on BlackRock&#146;s business.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Board Considerations in Approving the Agreements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>The Approval Process:</B> Prior to the April 14, 2011 meeting, the
Boards requested and received materials specifically relating to the Agreements. The Boards are engaged in a process with BlackRock
to review periodically the nature and scope of the information provided to better assist their deliberations. The materials provided
in connection with the April meeting included (a) information independently compiled and prepared by Lipper, Inc. (&#147;Lipper&#148;)
on Fund fees and expenses and the investment performance of the Funds as compared with a peer group of funds as determined by
Lipper and, with respect to BKN, BTA, BFK and BSD, a customized peer group selected by BlackRock (collectively, &#147;Peers&#148;);
(b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its
affiliates and significant shareholders; (c) general analyses 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 impact of 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.</FONT></P>
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<A name="page_56"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>At an in-person meeting held on April 14, 2011, the Boards reviewed materials relating to their consideration of the Agreements. As a result of the discussions that occurred during the April 14, 2011 meeting, and as a culmination of the Boards&#146; 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 12&#150;13, 2011 Board meeting.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>At an in-person meeting held on May 12&#150;13, 2011, each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its Fund and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to its Fund, each for a one-year term ending June 30, 2012. 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Boards also considered other matters they deemed important to the approval process, such as services related to the valuation and pricing of Fund portfolio holdings, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with Funds and advice from independent legal counsel with respect to the review process and materials submitted for the Boards&#146; 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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&#146;s senior management personnel responsible for investment operations, including the
senior investment officers. Each Board also reviewed the materials provided by its Fund&#146;s portfolio management team discussing
Fund performance and the Fund&#146;s investment objective, strategies and outlook.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20">The Boards considered, among other factors, the number, education
and experience of BlackRock&#146;s investment personnel generally and their Funds&#146; portfolio management teams,
investments by portfolio managers in the funds they manage, BlackRock&#146;s portfolio trading capabilities, BlackRock&#146;s
use of technology, BlackRock&#146;s commitment to compliance, BlackRock&#146;s credit analysis capabilities, BlackRock&#146;s
risk analysis capabilities and BlackRock&#146;s approach to training and retaining portfolio managers and other research,
advisory and management personnel. The Boards engaged in a review of BlackRock&#146;s compensation structure with respect to
their Funds&#146; portfolio management teams and BlackRock&#146;s ability to attract and retain high-quality talent and
create performance incentives.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 addition to investment advisory services, BlackRock and its affiliates provide the Funds with other services, including (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&#146;s fund administration, accounting, legal and compliance departments and considered BlackRock&#146;s policies and procedures for assuring compliance with applicable laws and regulations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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 14, 2011 meeting, the Boards worked with 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&#146;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&#146;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&#146;s applicable Lipper category and, with respect
to BKN, BTA, BFK and BSD, a customized peer group selected by BlackRock. The Boards were provided with a description of the methodology
used by Lipper to select peer funds. The Boards and each Board&#146;s Performance Oversight Committee regularly review, and meet
with Fund management to discuss, the performance of the Funds throughout the year.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of each of BKN, BFK and BSD noted that, in general, its respective Fund performed better than its Peers in that the Fund&#146;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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of each of BKK and BPS noted that, in general, its respective Fund performed better than its Peers in that the Fund's performance was at or above the median of its Lipper Performance Composite in two of the one-, three- and five-year periods reported.</FONT></P>
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<A name="page_57"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of BTA noted that BTA performed below the median of its Customized Lipper Peer Group Composite in the three-year and since-inception periods reported, but that BTA performed at or above the median of its Customized Lipper Peer Group Composite in the one-year period reported. The Board of BTA and BlackRock reviewed and discussed the reasons for BTA&#146;s underperformance during the three-year and since-inception periods compared with its Peers. The Board of BTA was informed that, among other things, underperformance stems primarily from the relatively high degree of leverage in place for most of 2006 and 2007. The Board of BTA and BlackRock discussed BlackRock&#146;s strategy for improving BTA&#146;s performance and BlackRock&#146;s commitment to providing the resources necessary to assist BTA&#146;s portfolio managers and to improve BTA's performance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Boards noted that BlackRock has made changes to the organization of the overall fixed income group management structure designed to result in a strengthened leadership team.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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 their Relationship with the Funds:</B> Each Board, including
the Independent Board Members, reviewed its Fund&#146;s contractual management fee ratio compared with the other funds in its
Lipper category. It also compared the Fund&#146;s total expense ratio, as well as actual management fee ratio, 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Boards received and reviewed statements relating to BlackRock&#146;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&#146;s profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2010 compared to available aggregate profitability data provided for the years ended December 31, 2009, and December 31, 2008. The Boards reviewed BlackRock&#146;s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock&#146;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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20">The Boards noted that, in general, individual fund or product line
profitability of other advisors is not publicly available. The Boards considered BlackRock&#146;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. That data indicates that operating margins for BlackRock, in general and with
respect to its registered funds, are generally consistent with margins earned by similarly situated publicly traded
competitors. In addition, the Boards considered, among other things, certain third party data comparing BlackRock&#146;s
operating margin with that of other publicly-traded asset management firms. That third party data indicates that larger asset
bases do not, in themselves, translate to higher profit margins.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>In addition, the Boards considered the cost of the services provided to the Funds by BlackRock, and BlackRock&#146;s and its affiliates&#146; 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&#146;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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of each of BKN, BKK, BFK, BPS, and BSD noted that its respective Fund&#146;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&#146;s Peers, in each case before taking into account any expense reimbursements or fee waivers.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Board of BTA noted that BTA&#146;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's Peers, in each case before taking into account any expense reimbursements or fee waivers. The Board of BTA also noted, however, that BTA's actual management fee ratio, after giving effect to expense reimbursements/fee waivers by BlackRock, was lower than or equal to the median actual management fee ratio paid by BTA's Peers, after giving effect to any expense reimbursements or fee waivers.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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. Based on the ad hoc Joint Product Pricing Committee&#146;s and each
Board&#146;s review and consideration of this issue, each Board concluded that closed-end funds are typically priced at scale
at a fund&#146;s inception; therefore, the implementation of breakpoints was not necessary.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Boards noted 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. The Boards noted that only one closed-end fund in the Fund Complex has breakpoints in its advisory fee structure.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><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 &#147;fall-out&#148; benefits that BlackRock
or its affiliates and significant shareholders may derive from their respective relationships with the Funds,</FONT></P>
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<A name="page_58"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87>Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>both tangible and intangible, such as BlackRock&#146;s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock&#146;s profile in the investment advisory community, and the engagement of BlackRock&#146;s affiliates as service providers to the Funds, including securities lending services. The Boards also considered BlackRock&#146;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. The Boards further noted that BlackRock&#146;s funds may invest in affiliated ETFs without any offset against the management fees payable by the funds to BlackRock.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>In connection with its consideration of the Agreements, the Boards also received information regarding BlackRock&#146;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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146;s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Conclusion</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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, 2012 and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to its Fund, for a one-year term ending June 30, 2012. As part of its approval, each Board considered the detailed review of BlackRock&#146;s fee structure, as it applies to its Fund, conducted by the ad hoc Joint Product Pricing Committee. 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 its Fund and its shareholders. In arriving at its decision to approve the Agreements, no Board identified 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&#146; conclusions may be based in part on their consideration of these arrangements in prior years.</FONT></P>
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<A name="page_59"></A><BR>
<P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><A NAME="a_014"></A><FONT color=#394c87>Officers and Trustees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 58%"><FONT STYLE="color: #231f20">Richard E. Cavanagh, Chairman of the Board and Trustee</FONT><BR>
<FONT color=#231f20>Karen P. Robards, Vice Chairperson of the Board, Chairperson of the</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT color=#231f20>Audit Committee and Trustee</FONT><BR>
<FONT color=#231f20>Paul L. Audet, Trustee</FONT><BR>
<FONT color=#231f20>Michael J. Castellano, Trustee and Member of the Audit Committee</FONT><BR>
<FONT color=#231f20>Frank J. Fabozzi, Trustee and Member of the Audit Committee</FONT><BR>
<FONT color=#231f20>Kathleen F. Feldstein, Trustee</FONT><BR>
<FONT color=#231f20>James T. Flynn, Trustee and Member of the Audit Committee</FONT><BR>
<FONT color=#231f20>Henry Gabbay, Trustee</FONT><BR>
<FONT color=#231f20>Jerold B. Harris, Trustee</FONT><BR>
<FONT color=#231f20>R. Glenn Hubbard, Trustee</FONT><BR>
<FONT color=#231f20>W. Carl Kester, Trustee and Member of the Audit Committee</FONT><BR>
<FONT color=#231f20>John M. Perlowski, President and Chief Executive Officer</FONT><BR>
<FONT color=#231f20>Anne Ackerley, Vice President</FONT><BR>
<FONT color=#231f20>Brendan Kyne, Vice President</FONT><BR>
<FONT color=#231f20>Neal Andrews, Chief Financial Officer</FONT><BR>
<FONT color=#231f20>Jay Fife, Treasurer</FONT><BR>
<FONT color=#231f20>Brian Kindelan, Chief Compliance Officer and</FONT><BR>
<FONT color=#231f20>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Money Laundering Officer</FONT><BR>
<FONT color=#231f20>Ira P. Shapiro, Secretary</FONT>
</TD>
    <TD STYLE="width: 42%">


<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Investment Advisor</FONT></B><BR>
<FONT color=#231f20>BlackRock Advisors, LLC</FONT><BR>
<FONT color=#231f20>Wilmington, DE 19809</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Sub-Advisor</FONT></B><BR>
<FONT color=#231f20>BlackRock Financial Management, Inc.</FONT><BR>
<FONT color=#231f20>New York, NY 10022</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Custodian</FONT></B><BR>
<FONT color=#231f20>State Street Bank and Trust Company</FONT><BR>
<FONT color=#231f20>Boston, MA 02110</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Transfer Agent</FONT></B><BR>
<B><FONT color=#231f20>Common Shares:</FONT></B><BR>
<FONT color=#231f20>Computershare Trust Company, N.A.</FONT><BR>
<FONT color=#231f20>Providence, RI 02940</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Auction Agent</FONT></B><BR>
<B><FONT color=#231f20>AMPS:</FONT></B><BR>
<FONT color=#231f20>The Bank of New York Mellon</FONT><BR>
<FONT color=#231f20>New York, NY 10286</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Accounting Agent</FONT></B><BR>
<FONT color=#231f20>State Street Bank and Trust Company</FONT><BR>
<FONT color=#231f20>Boston, MA 02110</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Independent Registered Public Accounting Firm</FONT></B><BR>
<FONT color=#231f20>Deloitte &amp; Touche LLP</FONT><BR>
<FONT color=#231f20>Boston, MA 02116</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Legal Counsel</FONT></B><BR>
<FONT color=#231f20>Skadden, Arps, Slate, Meagher &amp; Flom LLP</FONT><BR>
<FONT color=#231f20>New York, NY 10036</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20>Address of the Trusts</FONT></B><BR>
<FONT color=#231f20>100 Bellevue Parkway</FONT><BR>
<FONT color=#231f20>Wilmington, DE 19809</FONT></P>

</TD></TR>
</TABLE>


<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding: 3pt; border: Black 1pt solid; margin-right: 16%; margin-left: 16%"><FONT STYLE="color: #231f20">Effective
July 28, 2011, Richard S. Davis resigned as Trustee of the Trusts,<BR>
and Paul L. Audet became Trustee of the Trusts.</FONT></P>
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<A name="page_60"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><FONT color=#394c87><A NAME="a_015"></A>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"><FONT color=#231f20>The Annual Meeting of Shareholders was held on July 28, 2011, for shareholders of record on May 31, 2011, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Approved the Class I Trustees as follows:</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; width: 100%">
<TR vAlign=bottom>
     <TD STYLE="text-align: center">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B>Paul L. Audet</B></TD>
    <TD>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px; BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B><FONT color=#231f20>Michael J. Castellano</FONT></B></TD>
    <TD>&nbsp;</TD>
     <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-align: center"><B><FONT STYLE="color: #231f20">R. Glenn Hubbard</FONT></B></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
     <TD STYLE="border-bottom: Black 1pt solid; width: 10%">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Votes For</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; vertical-align: middle; text-align: center"><B><FONT color=#231f20>Votes</FONT></B><BR>
<B>Withheld</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Abstain</FONT></B></TD>
    <TD STYLE="border-bottom: #000000 1px solid; vertical-align: middle; text-align: center">&nbsp;&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Votes For</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; vertical-align: middle; text-align: center"><B><FONT color=#231f20>Votes</FONT></B><BR>
<B>Withheld</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Abstain</FONT></B></TD>
    <TD>&nbsp;&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Votes For</FONT></B></TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Votes</FONT></B><BR>
<B>Withheld</B></TD>
     <TD STYLE="border-bottom: Black 1pt solid"><B><FONT color=#231f20>Abstain</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>15,498,377</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>410,082</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,511,410</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 6pt"><FONT color=#231f20>397,049</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>15,475,650</FONT></TD>
     <TD STYLE="text-indent: 8px; text-align: right; padding-right: 6pt"><FONT color=#231f20>432,809</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>10,332,571</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>437,118</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,332,571</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 6pt"><FONT color=#231f20>437,118</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>10,315,463</FONT></TD>
     <TD STYLE="text-indent: 8px; text-align: right; padding-right: 6pt"><FONT color=#231f20>454,226</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>18,925,405</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>640,566</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18,951,796</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 6pt"><FONT color=#231f20>614,175</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>18,837,937</FONT></TD>
     <TD STYLE="text-indent: 8px; text-align: right; padding-right: 6pt"><FONT color=#231f20>728,034</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>39,112,233</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>836,194</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>39,071,946</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 6pt"><FONT color=#231f20>876,481</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>39,098,257</FONT></TD>
     <TD STYLE="text-indent: 8px; text-align: right; padding-right: 6pt"><FONT color=#231f20>850,170</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>1,918,777</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>22,811</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-indent: 8px; text-align: right"><FONT color=#231f20>1,917,277</FONT></TD>
     <TD STYLE="text-align: right; padding-right: 6pt"><FONT color=#231f20>24,311</FONT></TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right"><FONT color=#231f20>1,882,921</FONT></TD>
     <TD STYLE="text-indent: 24px; text-align: right; padding-right: 6pt"><FONT color=#231f20>58,667</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR vAlign=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><FONT color=#231f20>BSD</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>6,578,476</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>249,468</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,577,478</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-right: 6pt"><FONT color=#231f20>250,466</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"><FONT color=#231f20>6,564,041</FONT></TD>
     <TD STYLE="text-indent: 8px; border-bottom: #000000 1px solid; text-align: right; padding-right: 6pt"><FONT color=#231f20>263,903</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center"><FONT color=#231f20>0</FONT></TD></TR>
<TR>
     <TD COLSPAN="12">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=3><B>W. Carl Kester</B></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
     <TD STYLE="border-bottom: #000000 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid"><B><FONT color=#231f20>Votes For</FONT></B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; vertical-align: middle; text-align: center"><B><FONT color=#231f20>Votes</FONT></B><BR>
<B>Withheld</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid"><B><FONT color=#231f20>Abstain</FONT></B></TD>
    <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD STYLE="padding-right: 6pt">&nbsp;</TD>
     <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD>&nbsp;</TD>
     <TD STYLE="padding-right: 6pt">&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKN</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>3,877</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>71</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BTA</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>10,317,463</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>452,226</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BKK</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt">5,698</TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>854</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BFK</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt"><FONT color=#231f20>7,817</FONT></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>2,081</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left"><FONT color=#231f20>BPS</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt">615</TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt"><FONT color=#231f20>2</FONT></TD>
     <TD STYLE="text-align: center"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT color=#231f20>BSD</FONT><SUP><FONT color=#231f20>1</FONT></SUP></TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 3pt; border-bottom: Black 1pt solid">1,042</TD>
     <TD STYLE="text-align: right; vertical-align: middle; padding-right: 6pt; border-bottom: Black 1pt solid"><FONT color=#231f20>48</FONT></TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT color=#231f20>0</FONT></TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 Richard E. Cavanagh, Frank J. Fabozzi, Kathleen F. Feldstein, James T. Flynn, Henry Gabbay, Jerrold B. Harris and Karen P. Robards</FONT></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>&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD>Voted on by holders of AMPS only.&nbsp;</TD></TR></TABLE>
<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"><FONT STYLE="color: #231f20">Each Trust&#146;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</FONT> <FONT STYLE="color: #231f20">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&#146; 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.</FONT></P>
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<A name="page_61"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><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"><FONT color=#231f20>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 &#147;Defendants&#148;) 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. The Defendants believe that the claims asserted in the complaint are without merit and intend to vigorously defend themselves in the litigation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>The Trusts do not make available copies of their Statements of Additional Information because the Trusts&#146; 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&#146;s offerings and the information contained in each Trust&#146;s Statement of Additional Information may have become outdated.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>During the period, there were no material changes in the Trusts&#146; investment objectives or policies or to the Trusts&#146; 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&#146; portfolios.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock&#146;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock&#146;s website in this report.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Electronic Delivery</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Electronic copies of most financial reports are available on the Trusts&#146; web-sites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Trusts&#146; electronic delivery program.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Shareholders Who Hold Accounts with Investment Advisors, Banks or
Brokerages:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Householding</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 &#147;householding&#148; 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 Funds at (800) 441-7762.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Availability of Quarterly Schedule of Investments</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Each Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts&#146; Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and may also be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. Information on how to access documents on the SEC&#146;s website without charge may be obtained by calling (800) SEC-0330. The Trusts&#146; Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Availability of Proxy Voting Policies and Procedures</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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&#146;s website at http://www.sec.gov.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Availability of Proxy Voting Record</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>Information about how the Trusts voted proxies relating to securities held in the Trusts&#146; 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&#146;s website at http://www.sec.gov.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT STYLE="color: #231f20"><B>Availability of Trust Updates</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the &#147;Closed-end Funds&#148; 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.</FONT></P>
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<A name="page_62"></A><BR> <P STYLE="border-top: rgb(57,76,135) 4pt solid; font-size: 14pt; color: rgb(57,76,135)"><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"><FONT color=#231f20>BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &#147;Clients&#148;) 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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>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.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20>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 short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares&#146; yield. Statements and other information herein are as dated and are subject to change.</FONT></P>

<P STYLE="text-align: left"><IMG SRC="gopaperless.jpg" ALT="">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20>#CEF -BK6-10/11-SAR</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
2 &ndash; &nbsp;&nbsp;&nbsp;Code of Ethics &ndash; Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
3 &ndash; &nbsp;&nbsp;&nbsp;Audit Committee Financial Expert &ndash; Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
4 &ndash; &nbsp;&nbsp;&nbsp;Principal Accountant Fees and Services &ndash; Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
5 &ndash; &nbsp;&nbsp;&nbsp;Audit Committee of Listed Registrants &ndash; Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
6 &ndash; &nbsp;&nbsp;&nbsp;Investments<BR>
(a) The registrant&rsquo;s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this
form.<BR>
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
7 &ndash; &nbsp;&nbsp;&nbsp;Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies &ndash; Not Applicable
to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
8 &ndash; &nbsp;&nbsp;&nbsp;Portfolio Managers of Closed-End Management Investment Companies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 59.75pt; text-indent: -1.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 59.75pt; text-indent: -1.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
9 &ndash; &nbsp;&nbsp;&nbsp;Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers &ndash; Not
Applicable</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
10 &ndash; &nbsp;Submission of Matters to a Vote of Security Holders &ndash; There have been no material changes to these procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
11 &ndash; &nbsp;Controls and Procedures</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
12 &ndash; &nbsp;Exhibits attached hereto</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)(1)
&ndash; Code of Ethics &ndash; Not Applicable to this semi-annual report</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)(2)
&ndash; Certifications &ndash; Attached hereto</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -0.05pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)(3)
&ndash; Not Applicable</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 3.5pc; text-indent: -0.05pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
&ndash; &nbsp;&nbsp;&nbsp;&nbsp;Certifications &ndash; Attached hereto</FONT></P>

<P STYLE="font: 3pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3pc"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
Long-Term Municipal Advantage Trust</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-left: 41.75pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
    John M. Perlowski</u></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
    Long-Term Municipal Advantage Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-left: 41.75pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
    John M. Perlowski</u></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    M. Perlowski</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Executive Officer (principal executive officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
    Long-Term Municipal Advantage Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-left: 41.75pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 94%; padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
    Neal J. Andrews</u></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neal
    J. Andrews</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer (principal financial officer) of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.5pc; line-height: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
    Long-Term Municipal Advantage Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></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 41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt"></P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e46763ex99cert.htm
<DESCRIPTION>CERTIFICATES
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pc; border-bottom: Black 0.75pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I,
John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Long-Term Municipal Advantage Trust, certify
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
John M. Perlowski</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U></U>John
M. Perlowski</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
Executive Officer (principal executive officer) of<BR>
BlackRock Long-Term Municipal Advantage Trust</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EX-99.
CERT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pc; border-bottom: Black 0.75pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I,
Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Long-Term Municipal Advantage Trust, certify
that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 3pc; text-indent: 0pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
Neal J. Andrews</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U></U>Neal
J. Andrews</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer (principal financial officer)
of<BR>
BlackRock Long-Term Municipal Advantage Trust</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>e46763ex99-906cert.htm
<DESCRIPTION>CERTIFICATES
<TEXT>
<HTML>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
99.1350CERT</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and<BR>
Section 906 of the Sarbanes-Oxley Act of 2002</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to 18 U.S.C. &sect; 1350, the undersigned officer of BlackRock Long-Term Municipal Advantage Trust (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, 2011
(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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
John M. Perlowski</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John M.
Perlowski</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive
Officer (principal executive officer) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
Long-Term Municipal Advantage Trust</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to 18 U.S.C. &sect; 1350, the undersigned officer of BlackRock Long-Term Municipal Advantage Trust (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, 2011
(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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:
January 03, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>/s/
Neal J. Andrews</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neal J.
Andrews</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial
Officer (principal financial officer) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.5pc"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BlackRock
Long-Term Municipal Advantage Trust</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This certification is being furnished pursuant to
Rule 30a-2(b) under the Investment Company Act of 1940, as amended, 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></FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
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<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
