<SEC-DOCUMENT>0000891092-12-003666.txt : 20120702
<SEC-HEADER>0000891092-12-003666.hdr.sgml : 20120702
<ACCEPTANCE-DATETIME>20120702153124
ACCESSION NUMBER:		0000891092-12-003666
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20120430
FILED AS OF DATE:		20120702
DATE AS OF CHANGE:		20120702
EFFECTIVENESS DATE:		20120702

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		12940182

	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-CSR
<SEQUENCE>1
<FILENAME>e48944_n-csr.htm
<DESCRIPTION>SHAREHOLDER REPORT
<TEXT>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt; text-indent: -78pt"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">Date of reporting period: 04/30/2012</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt">Item 1 &ndash; Report to Stockholders</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>



<BR>


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<TR STYLE="vertical-align: top; text-align: left; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 50%; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="blackrocklogo.jpg" BORDER="0"> </TD>
    <TD STYLE="width: 50%; font-family: Arial, Helvetica, Sans-Serif"><P STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">April
                                                                      30, 2012</P> </TD></TR>
</TABLE>
<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">Annual Report</P>
<P STYLE="text-align: left; margin-left: 12pt; margin-top: 0pt; font-family: Arial, Helvetica, Sans-Serif">BlackRock Investment Quality Municipal Trust Inc. (BKN)<BR>
<BR>
BlackRock Long-Term Municipal Advantage Trust (BTA)<BR>
<BR>
BlackRock Municipal 2020 Term Trust (BKK)<BR>
<BR>
BlackRock Municipal Income Trust (BFK)<BR>
<BR>
BlackRock Pennsylvania Strategic Municipal Trust (BPS)<BR>
<BR>
BlackRock Strategic Municipal Trust (BSD)</P>

<P STYLE="text-align: left; margin-left: 12pt; margin-top: 0pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="text-align: left; margin-left: 12pt; margin-top: 0pt; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</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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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid; color: #394c87"> <FONT COLOR="#394c87">Table of Contents</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: right; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Page</FONT></B></TD>
  </TR>




  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="width: 91%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_001">Dear Shareholder</A></TD>
    <TD STYLE="width: 8%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Annual Report:</B></TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_002">Municipal Market Overview</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_003">Trust Summaries</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_004">The Benefits and Risks of Leveraging</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_005">Derivative Financial Instruments</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financial Statements</TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-indent: 6pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_006">Schedules of Investments</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">12</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-indent: 6pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_007">Statements of Assets and Liabilities</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">38</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-indent: 6pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_008">Statements of Operations</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">39</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-indent: 6pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_009">Statements of Changes in Net Assets</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">40</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-indent: 6pt; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_010">Statements of Cash Flows</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">42</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_011">Financial Highlights</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">43</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_012">Notes to Financial Statements</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">49</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_013">Report of Independent Registered Public Accounting Firm</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">57</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_014">Important Tax Information</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">57</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_015">Automatic Dividend Reinvestment Plans</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">58</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_016">Officers and Trustees</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">59</TD>
  </TR>

  <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">

    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><A HREF="#a_017">Additional Information</A></TD>
    <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">62</TD>
  </TR>
</TABLE>
<BR>

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<DIV STYLE="margin-right: 2%; width: 58%; float: left; font-family: Arial, Helvetica, Sans-Serif">

<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid; color: #394c87"> <FONT COLOR="#394c87"><A NAME="a_001"></A>Dear Shareholder</FONT></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">One year ago at this time, risk assets were in a broad retreat as political strife in Greece ignited fears about sovereign debt problems spreading across Europe and economic indicators signaled that the global recovery had slowed. Confidence was further shaken by the prolonged debt ceiling debate in Washington, DC. Early in August 2011, 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 the European debt crisis intensified. Macro news flow became the dominant force in financial markets, driving asset prices up and down in lock step, in a risk on/risk off trading pattern. By the end of the third quarter in 2011, equity markets had fallen nearly 20% from their April peak while safe-haven assets such as US Treasuries and gold had rallied to historic highs.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">October 2011 brought enough positive economic data to
assuage fears of a global double-dip recession. Additionally, European leaders began making concerted efforts to stem the
region&#146;s debt crisis. Investors began to reenter the markets, putting risk assets on the road to recovery. Improving
sentiment carried over into early 2012 as a number of factors elicited greater optimism. Sovereign debt problems in Europe
became less pressing. Greece secured its second bailout package and completed the restructuring of its national debt. The
European Central Bank gave financial markets a boost by providing additional liquidity through its long-term refinancing
operations. The outlook for the global economy grew less dim as stronger data from the United States, particularly from the
labor market, lifted sentiment. Hopes for additional monetary stimulus from the US Federal Reserve and strong corporate
earnings pushed risk assets (including stocks, commodities and high yield bonds) higher through the first two months of the
year while rising Treasury yields pressured higher-quality fixed income assets. The risk rally softened in late March,
however, due to renewed fears about slowing growth in China and Europe&#146;s debt troubles. Equity markets staggered
downward in April as Spain&#146;s financial situation became increasingly severe and elections in Greece and France added to
uncertainty about the future of the euro zone. In the United States, disappointing jobs reports in April revealed that the
recent acceleration in the labor market had been a short-lived surge. Overall, US economic data signaled that the pace of the
recovery had slowed, but not to the extent that warranted additional monetary stimulus.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Thanks in large part to an exceptionally strong first quarter of 2012, equities and high yield bonds posted solid returns for the 6-month period ended April 30, 2012. On a 12-month basis, US large-cap stocks and high yield bonds delivered positive results; however, small-cap stocks finished in negative territory. International and emerging equities, which experienced significant downturns in 2011, lagged the broader rebound. Fixed income securities, including corporate, government and municipal bonds, performed well despite recent yield volatility. US Treasury bonds finished strong, with an April rally erasing the effects of their broad sell-off during February and March. Continued low short-term interest rates kept yields on money market securities near their all-time lows.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financial markets have regained a significant degree of
stability since the period of turmoil we endured last year; however, considerable headwinds remain. Political uncertainty in Europe
elevates concerns about additional flare ups in the debt crisis. Higher energy prices and slowing growth in China continue to
pose risks for the global economy. Potential political leadership changes around the world create additional layers of uncertainty.
But, we believe that with these challenges come opportunities. We remain committed to working with you and your financial professional
to identify actionable ideas for your portfolio. We encourage you to visit <B>www.blackrock.com/newworld</B> for more information.</P>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif">Sincerely,</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="kapito_sig.jpg" ALT=""></P>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font-family: Arial, Helvetica, Sans-Serif"><B>Rob Kapito</B></P>
<P STYLE="text-align: left; margin-top: 0pt; font-family: Arial, Helvetica, Sans-Serif">President, BlackRock Advisors, LLC</P>

</DIV><DIV STYLE="margin-left: 2%; width: 38%; float: right; font-family: Arial, Helvetica, Sans-Serif">

<P STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><IMG SRC="robkapito.jpg" ALT=""><BR><I>&#147;Financial markets have regained a significant degree of stability since the period of turmoil we endured last year; however, considerable headwinds remain.&#148;</I></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B>Rob Kapito</B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 0pt">President, BlackRock Advisors, LLC</P>
<P STYLE="text-align: left; border-top: rgb(57,76,165) 2pt solid; padding-top: 12pt; font-family: Times New Roman, Times, Serif"><B>Total Returns as of April 30, 2012</B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; background-color: #000000; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; background-color: #000000; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #ffffff">6-month</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; background-color: #000000; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #ffffff">12-month</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">US large cap equities</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">12.77</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">%</FONT></TD>
     <TD STYLE="text-indent: 6px; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">4.76</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(S&amp;P
     500<SUP>&#174; </SUP>Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">US small cap equities</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">11.02</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">(4.25</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(Russell
     2000<SUP>&#174; </SUP>Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">International equities</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2.44</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">(12.82</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(MSCI Europe, Australasia,</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Far
     East Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Emerging market</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">3.93</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(12.61</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">equities (MSCI Emerging</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Markets
     Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">3-month Treasury</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">0.01</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">0.05</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">bill (BofA Merrill Lynch</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">3-Month Treasury</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Bill
     Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">US Treasury securities</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">3.83</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">16.41</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(BofA Merrill Lynch
     10-</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Year
     US Treasury Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">US investment grade</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">2.44</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">7.54</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">bonds (Barclays US</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Aggregate
     Bond Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Tax-exempt municipal</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-size: 8pt">5.71</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">11.90</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">bonds (S&amp;P Municipal</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Bond
     Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 53%"><FONT STYLE="font-size: 8pt">US high
     yield bonds</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 15%; vertical-align: bottom"><FONT STYLE="font-size: 8pt">6.91</FONT></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 9%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 15%"><FONT STYLE="font-size: 8pt">5.89</FONT></TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">(Barclays US Corporate</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">High Yield 2% Issuer</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Capped
     Index)</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: left; border-bottom: rgb(57,76,165) 2pt solid; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; padding-bottom: 6pt">Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</P>

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


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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid; color: #394c87"> <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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>For the 12-Month Period Ended April 30, 2012</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">One year ago, the municipal bond market was steadily recovering from a difficult fourth quarter of 2010 that brought severe losses amid a steepening US Treasury yield curve and a flood of inflated headlines about municipal finance troubles. Retail investors had lost confidence in municipals and retreated from the market. Political uncertainty surrounding the midterm elections and tax policies exacerbated the situation. These conditions combined with seasonal illiquidity weakened willful market participation from the trading community. December 2010 brought declining demand with no comparable reduction in supply as issuers rushed their deals to market before the Build America Bond program was retired. This supply-demand imbalance led to wider quality spreads and higher yields for municipal bonds heading into 2011.</P>
<IMG BORDER=0 SRC="arpart1x4x1.jpg">
<BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Demand is usually strong at the beginning of a new year, but retail investors continued to move away from municipal mutual funds in the first half of 2011. From the middle of November 2010, outflows persisted for 29 consecutive weeks, totaling $35.1 billion before the trend finally broke in June 2011. However, weak demand was counterbalanced by lower supply in 2011. According to Thomson Reuters, new issuance was down 32% in 2011 as compared to the prior year. While these technical factors were improving, municipalities were struggling to balance their budgets, although the late-2010 predictions for widespread municipal defaults did not materialize. Other concerns that resonated at the beginning of the year, such as rising interest rates, weakening credits and higher rates of inflation, abated as these scenarios also did not come to fruition.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">On August 5, 2011, Standard &amp; Poor&#146;s (&#147;S&amp;P&#148;) downgraded the US government&#146;s credit rating from AAA to AA+. While this led to the downgrade of approximately 11,000 municipal issues directly tied to the US debt rating, this represented a very small fraction of the municipal market and said nothing about the individual municipal credits themselves. In fact, demand for municipal bonds increased as severe volatility in US equities drove investors to more stable asset classes. The municipal market benefited from an exuberant Treasury market and continued muted new issuance. As supply remained constrained, demand from both traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market history. The S&amp;P Municipal Bond Index returned 10.62% in 2011, making municipal bonds a top-performing fixed income asset class for the year.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Municipal market supply-and-demand technicals typically strengthen considerably upon the conclusion of tax season as net negative supply takes hold. This theme remained intact for 2012. Overall, the municipal yield curve flattened during the period from April 30, 2011 to April 30, 2012. As measured by Thomson Municipal Market Data, yields declined by 133 basis points (&#147;bps&#148;) to 3.25% on AAA-rated 30-year municipal bonds and by 98 bps to 1.87% on 10-year bonds, while yields on 5-year issues fell 68 bps to 0.82%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities tightened by 108 bps, and in the 2- to 10-year range, the spread tightened by 73 bps.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country, while a small number of states continue to rely on a &#147;kick-the-can&#148; approach to close their budget shortfalls, with aggressive revenue projections and accounting gimmicks. It has been well over a year since the fiscal problems plaguing state and local governments first became highly publicized. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. Year-to-date through the end of April, less than $470 million in par value of municipal bonds have defaulted for the first time. This represents only 0.0125% in total municipal bonds outstanding, as compared to 0.065% for the full year 2011. (Data provided by Bank of America.) BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.</P>
<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt"><FONT STYLE="font-size: 8pt">Past
performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly
in an index.</FONT></P>
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     <TD STYLE="width: 49%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87><A NAME="a_003"></A>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Overview</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BlackRock Investment Quality Municipal Trust Inc.&#146;s (BKN) (the &#147;Trust&#148;) investment objective is to provide high current income exempt from regular federal income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt">No assurance can be given that the Trust&#146;s investment objective will be achieved.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 29.15% based on market price and 29.46% 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 25.51% based on market price and 23.04% based on NAV. 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 its overall 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. These factors had the largest positive impact on returns as the municipal yield curve rallied lower (interest rates declined) and flattened (rates on the longer end of the curve fell the most) during the period. Also contributing positively to performance was the Trust&#146;s heavy weighting in the health sector, which provided above-market average yields and price appreciation as spreads narrowed.</P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt">The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
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     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on New York Stock Exchange (&#147;NYSE&#148;)</TD>
     <TD STYLE="text-indent: 6px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BKN</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">February 19, 1993</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($15.75)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6.40%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9.85%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.084</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$1.008</TD></TR>
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     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">35%</TD></TR></TABLE><BR>
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<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

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<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
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<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
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<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Represents Variable Rate Muni Term Preferred Shares (&#147;VMTP Shares&#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 VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging
techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
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     <TD STYLE="border-bottom: Black 1px solid; width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/11</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Change</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>High</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.75</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$13.08</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20.41%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$16.72</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.80</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.39</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.75</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20.71%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.39</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.75</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 6pt">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
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     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Health</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;&nbsp;27</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;&nbsp;&nbsp;27</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">18</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;9</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">7</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Corporate</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Housing</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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; font-family: Arial, Helvetica, Sans-Serif; margin-top: 6; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
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<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;&nbsp;&nbsp;&nbsp;1</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">36</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">36</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">34</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">29</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">B</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">CCC/Caa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $18,973,610, representing 5%,
and $8,694,533, representing 2%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 5 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 50%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 49%"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Overview</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><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 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 28.70% based on market price and 24.09% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The primary factors contributing to positive performance during the period were the Trust&#146;s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, security selection within the tobacco, education and tax-backed sectors added to returns. The Trust&#146;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">The
views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of
future results.</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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on NYSE</TD>
     <TD STYLE="text-indent: 7px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BTA</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">February 28, 2006</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($12.27)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6.45%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9.92%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.066</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.792</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">37%</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Represents TOBs as a percentage of total managed assets, which is the total assets
of the Trust, including any assets attributable to TOBs, minus the sum of accrued liabilities. For a discussion of leveraging
techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>4/30/12</B></TD>
     <TD STYLE="width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>4/30/11</B></TD>
     <TD STYLE="width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Change</B></TD>
     <TD STYLE="width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>High</B></TD>
     <TD STYLE="width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.27</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$10.20</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20.29%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.87</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ 9.86</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">Net Asset Value</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">$12.19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">$10.51</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">15.98%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">$12.19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1px solid">$10.51</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Health</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;&nbsp;18</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">18</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Housing</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Corporate</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">21</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">22</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">46</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">40</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">17</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">B</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $1,193,514 and $3,226,983, each
representing 1%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; 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 -->6<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 53%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 46%"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Overview</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 11.83% based on market price and 17.27% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount 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 benefited from interest rates moving lower across the municipal yield curve during the period, as 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 experienced meaningful spread tightening and thus 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other
conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on NYSE</TD>
     <TD STYLE="text-indent: 8px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BKK</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">September 30, 2003</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Termination Date (on or about)</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">December 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($16.06)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4.65%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">7.15%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.06225</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.74700</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">35%</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Represents Auction Market Preferred Shares (&#147;AMPS&#148;) 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.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/11</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Change</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>High</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$16.06</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.06</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6.64%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$16.35</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.85</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$16.36</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.63</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11.83%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$16.38</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.63</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%; vertical-align: bottom">17</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 8%; vertical-align: bottom">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 8%; vertical-align: bottom">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Corporate</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Housing</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">14</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">12</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">25</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">16</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">29</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">28</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">22</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">27</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">B</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">CCC/Caa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $14,828,808, representing 3%,
and $11,262,007, representing 2%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</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: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 44%"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Overview</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 28.87% based on market price and 28.24% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. 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 primary factors contributing to positive performance during the period were the Trust&#146;s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, sector concentrations in health, transportation and utilities proved beneficial, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. The Trust&#146;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other
conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on NYSE</TD>
     <TD STYLE="text-indent: 4px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BFK</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">July 27, 2001</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($14.83)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6.48%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9.97%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.0801</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.9612</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">39%</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Represents VMTP Shares and TOBs as a percentage of total managed assets, which is
the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>4/30/11</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>Change</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>High</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.83</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.35</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20.08%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.37</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.30</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.53</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.16</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">19.49%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.54</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.16</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">20</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">16</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Corporate</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Housing</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">11</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">11</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">35</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">33</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">26</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">24</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">16</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">B</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">CCC/Caa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $30,018,520, representing 4%,
and $28,787,350, representing 3%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 49%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Overview</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 25.34% based on market price and 22.57% based on NAV. For the same period, the closed-end Lipper Pennsylvania Municipal Debt Funds category posted an average return of 22.53% based on market price and 18.98% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. 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. 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other
conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on NYSE Amex</TD>
     <TD STYLE="text-indent: 6px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BPS</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">August 25, 1999</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($15.27)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5.97%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9.18%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.076</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.912</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">41%</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The Monthly Distribution per Common Share, declared on June 1, 2012, was decreased
to $0.07100 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized
Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject
to change in the future.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>4/30/11</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>Change</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>High</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; vertical-align: bottom"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.27</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.99</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">17.55%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.68</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.79</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.07</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$13.11</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">14.95%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$15.19</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$13.11</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health</TD>
     <TD STYLE="text-indent: 12px; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">33</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD>
     <TD STYLE="text-indent: 12px; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">32</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Housing</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Corporate</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">3</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">3</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">9</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">67</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">48</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">19</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">25</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">4</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $1,616,703, representing 4%,
and $486,340, representing 1%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 54%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Trust Summary </FONT><FONT STYLE="font-size: 10pt; color: rgb(57,76,135)">as of April 30, 2012</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 45%"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust</FONT></B></TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Performance</FONT></B></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">For the 12 months ended April 30, 2012, the Trust returned 29.32% based on market price and 25.65% based on NAV. For the same period, the closed-end Lipper General &amp; Insured Municipal Debt Funds (Leveraged) category posted an average return of 25.51% based on market price and 23.04% based on NAV. All returns reflect reinvestment of dividends. The Trust's discount 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 primary factors contributing to positive performance during the period were the Trust&#146;s duration positioning (preference for securities with a higher sensitivity to interest rate movements) and yield curve-flattening bias. The Trust has consistently emphasized longer-dated securities in order to benefit from long-term rates declining faster than short-term rates, a scenario that occurred during the period. In addition, sector concentrations in health and transportation proved beneficial, as did the avoidance of pre-refunded and escrowed issues, which underperformed the broader market. The Trust&#146;s holdings generated a high distribution yield, which in the aggregate, had a meaningful impact on returns. Detracting from performance was the Trust&#146;s long-standing focus on corporate-related debt, which modestly underperformed the market during the period.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt"><FONT STYLE="font-size: 8pt">The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other
conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Trust Information</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 76%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Symbol on NYSE</TD>
     <TD STYLE="text-indent: 6px; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">BSD</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Initial Offering Date</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">August 25, 1999</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Yield on Closing Market Price as of April 30, 2012 ($14.38)<SUP>1</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">6.18%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Equivalent Yield<SUP>2</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9.51%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Monthly Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.074</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Current Annualized Distribution per Common Share<SUP>3</SUP></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$0.888</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Economic Leverage as of April 30, 2012<SUP>4</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">39%</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Yield on closing market price is calculated by dividing the current annualized distribution
per share by the closing market price. Past performance does not guarantee future results.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Tax equivalent yield assumes the maximum federal tax rate of 35%.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The distribution rate is not constant and is subject to change.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Represents VMTP Shares and TOBs as a percentage of total managed assets, which is
the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 11.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The table below summarizes the changes in the Trust&#146;s market price and NAV per share:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 40%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/12</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>4/30/11</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Change</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>High</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Low</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Market Price</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.38</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$11.88</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">21.04%</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.67</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$11.85</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">Net Asset Value</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.43</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.27</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">17.60%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$14.43</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$12.27</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-top: 3">The following charts show the sector and credit quality allocations of the Trust&#146;s long-term investments:</P>
<P STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); padding-left: 12pt; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Sector Allocations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health</TD>
     <TD STYLE="text-indent: 12px; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">23</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">24</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">20</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">18</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">15</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">10</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Education</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Utilities</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">11</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Corporate</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">9</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County/City/Special District/School District</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">8</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">12</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Housing</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">6</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&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; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 0pt"><B><FONT COLOR=#394c87>Credit Quality Allocations</FONT></B><B><SUP><FONT COLOR=#394c87>5</FONT></SUP></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/12</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>4/30/11</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AAA/Aaa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">13</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">16</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">AA/Aa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">37</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">35</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">A</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">22</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">17</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BBB/Baa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">16</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">17</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BB/Ba</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">5</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">B</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">CCC/Caa</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 64%">Not Rated<SUP>6</SUP></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">6</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%">&nbsp;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The investment advisor has deemed certain of these securities to be of investment
grade quality. As of April 30, 2012 and April 30, 2011, the market value of these securities was $4,567,039, representing 3%,
and $3,150,431, representing 2%, respectively, of the Trust&#146;s long-term investments.</TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 6pt; 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 -->10<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid; color: #394c87"><A NAME="a_004"></A> <FONT COLOR="#394c87">The Benefits and Risks of Leveraging</FONT></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">To obtain leverage, the Trusts, except for BTA, issue Auction Market Preferred Shares (&#147;AMPS&#148;) or Variable Rate Muni Term Preferred Shares (&#147;VMTP Shares&#148;) (collectively, &#147;Preferred Shares&#148;). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust&#146;s shareholders will benefit from the incremental net income.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">To illustrate these concepts, assume a Trust&#146;s
Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total
value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3%
and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on
the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased
by the Trust with assets received from Preferred Shares issuance earn the income based on long-term interest rates. In this
case, the dividends paid to holders of Preferred Shares (&#147;Preferred 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">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; Preferred Shares 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 Preferred Shares discussed above.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">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 Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations
in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust&#146;s NAV per share.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">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 Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trust&#146;s total assets less the sum of its accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets and 45% for Trusts with VMTP Shares. As of April 30, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 85%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="width: 15%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Percent of</B><BR>
<B>Economic</B><BR>
<B>Leverage</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BKN</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">35%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BTA</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">37%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BKK</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">35%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BFK</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">39%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">BPS</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">41%</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">BSD</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">39%</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid; color: #394c87"> <FONT COLOR="#394c87"><A NAME="a_005"></A>Derivative Financial Instruments</FONT></P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">The Trusts may invest in various derivative financial instruments,
including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms
of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market, interest rate and/or other risks. Derivative financial instruments involve risks, including
the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of
the counterparty to the transaction or illiquidity of the derivative financial instrument. The Trusts&#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.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 50%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><A

         NAME="a_006"></A><FONT STYLE="color: #394c87">Schedule of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 49%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Investment Quality Municipal Trust Inc. (BKN)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 50%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 49%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 3.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Birmingham Special Care Facilities Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Children&#146;s Hospital (AGC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">6.00%, 6/01/34</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; vertical-align: bottom">$</TD>
     <TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"> 1,745</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%"> 2,008,355</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">569,620</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Birmingham Water Works Board, RB, 4.75%, 1/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,326,211</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hoover City Board of Education, GO, Refunding,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.25%, 2/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,050</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,166,693</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,070,879</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 7.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Apache County IDA, RB, Tucson Electric Power Co.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 4.50%, 3/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">900</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">904,644</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Arizona Sports &amp; Tourism Authority, RB, Multipurpose</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stadium Facilities, Series A (NPFGC), 5.00%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,767,820</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Arizona State University, RB, Series D, 5.50%, 7/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">475</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">567,863</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Pinal Arizona Election District No. 3,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, 4.75%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,931,613</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pima County IDA, Refunding IDRB, Tucson Electric Power,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,457,239</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB, Senior:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,035</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,055,027</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,585</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,651,253</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Luis Facility Development Corp., RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Regional Detention Center Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 5/01/15</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">305</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">300,382</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.00%, 5/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">490</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">492,308</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.25%, 5/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">980</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">910,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Arizona, COP, Department of Administration,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AGM), 5.00%, 10/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,195,733</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Medical Center Corp. Arizona, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,774,768</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">850,815</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">20,859,865</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arkansas &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Conway Arkansas, RB, Wastewater Revenue</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Improvement, Series A, 4.20%, 10/01/37 (a)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">738,450</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 23.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California County Tobacco Securitization Agency, RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stanislaus, Sub-Series C, 10.51%, 6/01/55 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,090</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">85,860</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,258,510</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Sutter Health, Series B, 5.88%, 8/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,733,780</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Carlsbad Unified School District, GO, Election of 2006,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.28% 5/01/34 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,119,060</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of San Jose California, ARB, Series A-1, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 3/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,326,100</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sacramento California, RB, Senior Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">(AGM), 5.00%, 7/01/41</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; vertical-align: bottom">$</TD>
     <TD STYLE="width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"> 2,100</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%"> 2,221,926</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Dinuba Unified School District, GO, Election of 2006 (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">284,613</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 8/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">535</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">612,222</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foothill Eastern Transportation Corridor Agency California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 1/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,495</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,495,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, 5.88%, 1/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,124,250</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hartnell Community College District California, GO, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2002, Series D, 5.37%, 8/01/34 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,475</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,643,152</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Norwalk-La Mirada Unified School District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding, CAB, Election of 2002, Series E (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.57%, 8/01/38 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,836,680</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Palomar Community College District, GO, CAB, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">of 2006, Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.01%, 8/01/30 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">919,963</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.14%, 8/01/33 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,176,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.29%, 8/01/39 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,633,320</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2002, 5.07%, 8/01/19 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,190,950</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Jose Evergreen Community College District, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2010, Series B, 3.50%, 8/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,753,956</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purposes:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 4/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,477,420</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,700,415</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 4/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,900</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,533,940</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 3/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,051,244</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(CIFG), 5.00%, 3/01/15 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">515</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">582,362</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(CIFG), 5.00%, 3/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,485</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,724,454</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 5.00%, 6/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,265,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Refunding, Various Purpose (CIFG),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.50%, 8/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,050,990</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">62,802,102</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Creek Metropolitan District, Refunding RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Limited Property Tax (AGM), 6.00%, 12/01/38</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">848,753</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Connecticut &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hartford Healthcare, Series A, 5.00%, 7/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,294,315</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lawrence &amp; Memorial Hospital, Series F,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,900</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,016,071</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sacred Heart University, Series G, 5.38%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">651,258</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,961,644</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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Portfolio Abbreviations</FONT></B></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 31%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">To simplify
     the listings of portfolio holdings</FONT></TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>ACA</B></FONT></TD>
     <TD STYLE="width: 27%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">American
     Capital Access Corp.</FONT></TD>
     <TD STYLE="width: 8%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>HDA</B></FONT></TD>
     <TD STYLE="width: 26%; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Housing
     Development Authority</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">in the Schedules
     of Investments, the names and</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>AGC</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Assured
     Guaranty Corp.</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>HFA</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Housing
     Finance Agency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">descriptions
     of many of the securities have been</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>AGM</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Assured
     Guaranty Municipal Corp.</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>HRB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Housing
     Revenue Bonds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">abbreviated
     according to the following list:</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>AMBAC</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">American
     Municipal Bond Assurance Corp.</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>IDA</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Industrial
     Development Authority</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>AMT</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Alternative
     Minimum Tax (subject to)</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>IDB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Industrial
     Development Board</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>ARB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Airport
     Revenue Bonds</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>IDRB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Industrial
     Development Revenue Bonds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>ARS</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Auction
     Rate Securities</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>ISD</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Independent
     School District</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>CAB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Capital
     Appreciation Bonds</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>NPFGC</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">National
     Public Finance Guarantee Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>CIFG</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">CDC IXIS
     Financial Guaranty</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>PILOT</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Payment
     in Lieu of Taxes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>COP</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Certificates
     of Participation</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>PSF-GTD</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Permanent
     School Fund Guaranteed</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>EDA</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Economic
     Development Authority</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>RB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Revenue
     Bonds</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>EDC</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Economic
     Development Corp.</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>SAN</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">State Aid
     Notes</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>ERB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Economic
     Revenue Bonds</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>S/F</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Single Family</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>GARB</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">General
     Airport Revenue Bonds</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Syncora</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">Syncora
     Guarantee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>GO</B></FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">General
     Obligation Bonds</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Investment Quality Municipal Trust Inc. (BKN)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Delaware &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sussex Delaware, RB, NRG Energy, Inc., Indian</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">River Project, 6.00%, 10/01/40</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,800</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,949,076</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>District of Columbia &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia Tobacco Settlement Financing Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Asset-Backed, 6.50%, 5/15/33</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,822,420</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 12.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Lee Florida, Refunding RB, Lee Airport, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT (AGM), 5.00%, 10/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,185,250</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida, RB, CAB, Sub-Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC) (b):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.76%, 10/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,567,850</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.78%, 10/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,225</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,318,792</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.80%, 10/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">15,375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,518,097</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.83%, 10/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,167,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.89%, 10/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,580</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,245,577</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.89%, 10/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,283,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Orange Florida, Refunding RB (Syncora),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 10/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,170,850</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hillsborough County IDA, RB, National Gypsum Co.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, AMT, 7.13%, 4/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,664,665</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Orange County Health Facilities Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mayflower Retirement Center, 5.00%, 6/01/32 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">200,136</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sumter Landing Community Development District Florida,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Sub-Series B, 5.70%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,525</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,059,735</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Village Community Development District No. 6, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, 5.63%, 5/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,575</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,614,081</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">31,995,833</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Georgia &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Milledgeville &amp; Baldwin County Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Georgia College &amp; State University Foundation,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 9/01/33</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,711,605</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Idaho &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Idaho Health Facilities Authority, Refunding RB, Trinity</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Group, Series B, 6.25%, 12/01/33</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,946,250</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 11.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago Public Building Commission Building Illinois, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (NPFGC), 7.00%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,654,800</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Transit Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 12/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,108,770</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">MJH Education Assistance IV LLC, Sub-Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 6/01/35 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">69,979</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Navistar International, Recovery Zone,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 10/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,925</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,082,811</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Northwestern Memorial Hospital, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 8/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,471,234</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Roosevelt University Project, 6.50%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,626,375</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rush University Medical Center, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.63%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,471,128</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Friendship Village Schaumburg, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 2/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">345</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">311,356</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">OSF Healthcare System, Series A, 6.00%, 5/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,510</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,693,827</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 6/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,955,980</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,700</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,929,092</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">30,375,352</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, RB, Wastewater Utility,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,344,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Refunding RB, Improvement,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">U.S. Steel Corp., 6.00%, 12/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,350</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,414,138</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,758,298</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Iowa &#151; 1.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Iowa Higher Education Loan Authority, RB, Private College</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Facility, Buena Vista University Project, 5.00%, 4/01/31 </TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%">1,480</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,601,611</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Iowa Higher Education Loan Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Private College Facility:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">965</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,033,467</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 9/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,603,545</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,238,623</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kansas &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kansas Development Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sisters of Leavenworth, Series A, 5.00%, 1/01/28</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,155</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,274,681</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kentucky &#151; 3.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Norton Healthcare, Inc., Series B</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 4.63%, 10/01/23 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,039,820</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisville &amp; Jefferson County Metropolitan Government,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Jewish Hospital &amp; St. Mary&#146;s HealthCare,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.13%, 2/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,859,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,899,795</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Louisiana &#151; 2.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Jefferson Parish Hospital Service District No. 1, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Jefferson Medical Center, Series A, 6.00%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,031,894</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Local Government Environmental Facilities &amp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Community Development Authority, RB, Westlake</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chemical Corp., Series A-1, 6.50%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,565</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,756,509</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Public Facilities Authority, RB, Belle Chasse</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Educational Foundation Project, 6.50%, 5/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">664,602</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Public Facilities Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Entergy Gulf States Louisiana, LLC Projects, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,601,800</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,054,805</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maryland &#151; 1.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">188,410</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, Refunding RB, Doctor&#146;s Community Hospital,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 7/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,100</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,317,587</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,505,997</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan &#151; 5.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Board of Control of Michigan Technological University,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, General, Series A, 4.00%, 10/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,930</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,945,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Michigan State Building Authority, Refunding RB, Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Program, Series I, 6.25%, 10/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,875</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,159,606</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Michigan State Hospital Finance Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Trinity Health Credit Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.00%, 12/01/32 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,949,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Royal Oak Hospital Finance Authority Michigan, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,497,120</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,551,661</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Minnesota &#151; 2.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Minneapolis Minnesota, Refunding RB, Fairview</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Services, Series B (AGC), 6.50%, 11/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,647,327</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Rochester Minnesota, RB, Health Care Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(Mayo Clinic), 4.00%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,469,970</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Securitization Authority Minnesota, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement, 5.25%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,319,904</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,437,201</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Mississippi &#151; 3.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mississippi Development Bank, RB, Hinds Community</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">College District, Capital Improvement Project (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 4/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,910</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,062,456</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mississippi Development Bank Special Obligation, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,655</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,964,016</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Investment Quality Municipal Trust Inc. (BKN)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
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     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
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     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Mississippi (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Southern Mississippi, RB, Campus Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Improvements Project, 5.38%, 9/01/36</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 3,150</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 3,505,383</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Warren County Mississippi, RB, Gulf Opportunity Zone</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bonds (International Paper Company Project), Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT, 5.38%, 12/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">633,078</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,164,933</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Missouri &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri State Development Finance Board, RB, St. Joseph</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sewage System Improvements, 5.25%, 5/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">620</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">650,963</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, A.T. Still University Health Sciences:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">538,865</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">650</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">692,204</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,882,032</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Montana &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Montana Facility Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sisters of Leavenworth, Series A, 4.75%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,327,450</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 2.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project Nebraska, RB, Gas Project</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(Project No. 3):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 9/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">765</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">795,294</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">900</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">902,826</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Omaha, RB, 4.25%, 11/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,840</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,957,604</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Nebraska Investment Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 6.05%, 9/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,315</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,397,503</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Omaha Nebraska Sanitation Sewer Revenue, RB, System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.25%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,170</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,214,636</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,267,863</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nevada &#151; 0.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Clark Nevada, Refunding RB, Alexander Dawson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School Nevada Project, 5.00%, 5/15/29</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,065</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,107,589</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Jersey &#151; 6.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Middlesex County Improvement Authority, RB, Subordinate,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,510</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">134,375</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB, Cigarette Tax, 5.75%, 6/15/14 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,844,195</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Refunding RB, Cigarette Tax,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">695</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">759,753</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Educational Facilities Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Medicine &amp; Dentistry, Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.13%, 12/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">950</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,170,732</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.50%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,225</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,485,545</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Health Care Facilities Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Barnabas Health, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.63%, 7/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">770</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">792,584</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,560</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,705,254</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey State Housing &amp; Mortgage Finance Agency,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series AA, 6.50%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">705</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">756,409</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation System, 5.25%, 6/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,860</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,195,821</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Union County Utilities Authority, Refunding RB, County</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Deficiency Agreement, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.00%, 6/15/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">260,918</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">95</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">106,046</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">17,211,632</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 6.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Albany Industrial Development Agency, RB, New Covenant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charter School Project, Series A, 7.00%, 5/01/35 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">725</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">166,743</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hudson New York Yards Infrastructure Corp., RB, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">258,803</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGM), 5.00%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,306,713</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 4.50%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,980</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,962,675</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 5.00%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,552,815</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Long Island Power Authority, Refunding RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.75%, 4/01/39</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 2,475</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 2,822,663</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Industrial Development Agency, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">American Airlines, Inc., JFK International Airport, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.63%, 8/01/25 (e)(f)(g)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,635,672</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Queens Baseball Stadium, PILOT (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 1/01/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">338,079</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Second Priority, Bank of America Tower at One Bryant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Project, 6.38%, 7/15/49</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,391,662</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, RB, Rochester Institute</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">of Technology, 6.00%, 7/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,625</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,890,671</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Westchester County Healthcare Corp. New York, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A, Remarketing, 5.00%, 11/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,681,520</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,008,016</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 6.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Charlotte North Carolina, Refunding RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">325</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">369,584</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Gaston County Industrial Facilities &amp; Pollution Control</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financing Authority North Carolina, RB, Exempt Facilities,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">National Gypsum Co. Project, 5.75%, 8/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,425</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,038,964</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Capital Facilities Finance Agency, RB, Duke</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Energy Carolinas Project, Series B, 4.38%, 10/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,449,001</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Capital Facilities Finance Agency,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Duke Energy Carolinas Project, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.63%, 11/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,109,436</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Health System, Series D, 6.25%, 12/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,021,933</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,988,918</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Dakota &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Grand Forks North Dakota, Healthcare Systems,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, 5.00%, 12/01/32 (a)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,120</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,237,215</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Oregon &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, RB, Water</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System, Water System, 5.00%, 8/01/42 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,560,370</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oregon Health &amp; Science University, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,420,962</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oregon State Facilities Authority, New Student, HRB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">900</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">932,625</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oregon State Facilities Authority, Refunding RB, Limited</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">College Project, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,237,446</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">542,430</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,693,833</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 4.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Allegheny Pennsylvania IDA, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">U.S. Steel Corp. Project, 6.55%, 12/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,535</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,740,918</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware River Port Authority, RB, Series D (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,640</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,913,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">McKeesport Area School District, GO, CAB (FGIC) (b):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,435</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">933,238</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">3.43%, 10/01/31 (h)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">258,310</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Aqua Pennsylvania, Inc. Project, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.50%, 12/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,139,110</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,984,576</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Puerto Rico &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">First Sub-Series A, 5.75%, 8/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,658,775</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.82%, 8/01/35 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">263,420</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (NPFGC), 5.72%, 8/01/41 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,440,675</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,362,870</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 14 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Investment Quality Municipal Trust Inc. (BKN)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Rhode Island &#151; 3.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rhode Island Health &amp; Educational Building Corp., RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hospital Financing, LifeSpan Obligation, Series A (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">7.00%, 5/15/39</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 3,000</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 3,556,830</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rhode Island Health &amp; Educational Building Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Rhode Island School of Design,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">3.50%, 6/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,205</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,076,243</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Rhode Island, COP, Series C, School for the Deaf</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGC), 5.38%, 4/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,330</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,482,897</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,115,970</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 3.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina Jobs-EDA, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Palmetto Health Alliance, Series A, 6.25%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,185</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,276,726</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Palmetto Health, Series C, 6.88%, 8/01/13 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,560</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,846,224</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Housing Finance &amp; Development</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, Refunding RB, Series A-2, AMT (AMBAC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.15%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,890</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,090,608</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,213,558</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Dakota &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of South Dakota Board of Regents Housing &amp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Auxiliary Facility System Revenue, RB, 4.25%, 4/01/33</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,350</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,408,860</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Tennessee &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Memphis-Shelby County Sports Authority, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Memphis Arena Project, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 11/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,135</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,256,627</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 11/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,103,350</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,359,977</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 7.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County Health Facilities Development Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Memorial Hermann Healthcare System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.13%, 12/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,198,530</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.25%, 12/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,162,828</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County Metropolitan Transit Authority, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,345</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,498,841</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County-Houston Sports Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Senior Lien, Series A (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.27%, 11/15/38 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">971,250</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Love Field Airport Modernization Corp., RB, Southwest</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Airlines Co. Project, 5.25%, 11/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,445</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,493,726</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lower Colorado River Authority, Refunding RB, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 5.00%, 5/15/13 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,246</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Matagorda County Navigation District No. 1 Texas,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Central Power &amp; Light Co. Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 6.30%, 11/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,511,542</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, LBJ Infrastructure Group LLC,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">LBJ Freeway Managed Lanes</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Project, 7.00%, 6/30/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,489,780</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas State Turnpike Authority, RB (AMBAC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, 6.03%, 8/15/31 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">15,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,768,800</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">First Tier, Series A, 5.00%, 8/15/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,250,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">20,351,043</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Vermont &#151; 1.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Vermont Educational &amp; Health Buildings Financing</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Agency, RB, Hospital, Fletcher Allen Health, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,550</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,565,555</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, RB, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Elizabeth River Crossing OPCO LLC Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,870</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,923,856</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 1.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">City of Lynnwood, GO, 4.00%, 12/01/37</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,200</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,196,148</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, MultiCare</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health System, Series B (AGC), 6.00%, 8/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,100</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,376,549</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,572,697</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>West Virginia &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">West Virginia State University, RB, West Virginia University</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Projects, Series B, 5.00%, 10/01/36</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,650</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,865,474</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 1.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Aurora Health Care, Series A, 4.00%, 7/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,660,237</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Revenue RB, Series C, 5.00%, 8/15/32 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,800</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,931,670</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,591,907</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wyoming &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sweetwater Wyoming, Refunding RB, Idaho</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Power Co. Project, 5.25%, 7/15/26</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,800</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,024,334</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Total Municipal Bonds &#151; 142.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid">374,033,448</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to <BR>
Tender Option Bond Trusts (i)</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 2.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, RB, Catholic Health,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C-7 (AGM), 5.00%, 9/01/36</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,510,557</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Water Resources Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">General, Series A, 5.00%, 8/01/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,070</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,365,856</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 6.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hudson New York Yards Infrastructure Corp., RB, Senior,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,974,823</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water Finance Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Water &amp; Sewer System:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Second Generation Resolution, Series FF-2,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">810</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">925,379</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 4.75%, 6/15/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,373,120</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">816,725</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 12/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,056,425</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, RB, New York</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University, Series A, 5.00%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,359</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,620,887</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,767,359</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Montgomery Ohio, RB, Catholic Health,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C-1 (AGM), 5.00%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,740</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,866,907</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Ohio Higher Educational Facility Commission, RB, Hospital,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cleveland Clinic Health, Series A, 5.25%, 1/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,813,954</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,680,861</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Tender Option Bond Trusts &#151; 11.5%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">30,324,633</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $373,554,985) &#151; 153.5%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">404,358,081</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Investment Quality Municipal Trust Inc. (BKN)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">FFI Institutional Tax-Exempt Fund, 0.09% (j)(k)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%">4,510,968</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 4,510,968</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $4,510,968) &#151; 1.7%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,510,968</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $378,065,953) &#151; 155.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">408,869,049</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liabilities in Excess of Other Assets &#151; (1.8)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(4,704,023)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (5.6)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(14,890,198)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>VMTP Shares, at Liquidation Value &#151; (47.8)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(125,900,000)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">263,374,828</TD></TR>                                                                                                                                                       <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; vertical-align: bottom">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(a)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Bank of America Merrill Lynch</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10,118,785</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">94,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Crews &amp; Associates, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">738,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Piper Jaffray, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">200,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Wells Fargo Bank NA</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,560,370</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">20,174</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>Represents a step-up bond that pays an initial coupon rate for the first period and
then a higher coupon rate for the following periods. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(d)</TD><TD STYLE="width: 4pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(e)</TD><TD STYLE="width: 4pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(g)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(h)</TD><TD STYLE="width: 4pt"></TD><TD>Security is collateralized by Municipal or US Treasury obligations.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(i)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(j)</TD><TD STYLE="width: 4pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 17%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 13%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1,084,525</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">3,426,443</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">4,510,968</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 13%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ 1,341</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(k)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Financial futures contracts sold as of April 30, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Contracts</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Expiration</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Notional <BR>
Value</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B> Unrealized<BR>
Depreciation</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: center; font-family: Arial, Helvetica, Sans-Serif">292</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">10-Year US</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">Chicago Board</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">June</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 15%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 18%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$38,626,125</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif"> $ (565,164)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">Changes in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Valuation Inputs</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: Black 1px solid"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Assets:</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Investments:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Long-Term</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Investments<SUP>1</SUP></TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">&#151;</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">$404,358,081</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">&#151;</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">$404,358,081</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Short-Term</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 40%">Securities</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 6%; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 6%"> 4,510,968</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 14%">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 12%">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 19%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,510,968</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total</B></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 4,510,968</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">$404,358,081</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">&#151;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$408,869,049</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="6" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><SUP>1 </SUP>See above Schedule of Investments for values in each state or political subdivision.</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="3" STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Valuation Inputs</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>Level 1</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>Level 2</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>Level 3</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="3" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Derivative Financial Instruments<SUP>2</SUP></TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liabilities:</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Interest</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">rate
     contracts</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ (565,164)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">&#151;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ (565,164)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
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     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">County of Jefferson Alabama, RB, 5.25%, 1/01/19</TD>
     <TD STYLE="border-bottom: #000000 1px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; text-align: left; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 515</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 508,135</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,090</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,105,751</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 6.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB, Sutter</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health, Series B, 6.00%, 8/15/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,040</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,219,119</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare West, 6.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">784,605</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">St. Joseph Health System, 5.75%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">435,835</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California HFA, RB, Home Mortgage, Series K, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">565</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">585,668</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California State Public Works Board, RB, Various Capital</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Projects, Sub-Series I-1, 6.38%, 11/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">467,120</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, 5.00%, 4/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">760</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">810,791</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 5/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">297,489</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior, Los Angeles International Airport, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,045</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,221,013</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Marcos Unified School District, GO, SAN, Election</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">of 2010, Series B CAB, 5.51%, 8/01/38 (a)(b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,725</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">896,421</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purpose, 6.50%, 4/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,437,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,155,261</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Range Metropolitan District No. 2, GO, Limited Tax,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 12/15/37</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,091,328</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Delaware &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sussex Delaware, RB, NRG Energy, Inc., Indian</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">River Project, 6.00%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">812,115</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware State EDA, RB, Exempt Facilities, Indian River</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Power, 5.38%, 10/01/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,165</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,202,758</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,014,873</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>District of Columbia &#151; 6.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia, RB, Methodist Home District of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Columbia, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.38%, 1/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">550</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">566,984</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.50%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">910</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">937,482</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia, Tax Allocation Bonds, City Market at</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">O Street Project, 5.13%, 6/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">781,545</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia Tobacco Settlement Financing Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Asset-Backed:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 5/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,380</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,402,776</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 5/15/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,276,360</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Washington Airports Authority, RB, First Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">170</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">181,942</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,076,210</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,223,299</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 2.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">745</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">863,581</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sumter Landing Community Development District Florida,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Sub-Series B, 5.70%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,193,514</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tolomato Community Development District, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, 6.65%, 5/01/40 (c)(d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">745,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Watergrass Community Development District, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, Series A, 5.38%, 5/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,845</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">940,083</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,742,678</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Guam &#151; 0.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Territory of Guam, GO, Series A, 6.00%, 11/15/19</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">213,870</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 6.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago Board of Education Illinois, GO, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.50%, 12/01/39</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 720</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 813,838</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">240</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">258,154</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago O&#146;Hare International Airport, GARB, General Third</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lien, Series A, 5.75%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,863,025</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, Refunding RB, Sales Tax Revenue,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">280</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">311,623</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Transit Authority, RB, Sales Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Receipts, 5.25%, 12/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">360</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">399,157</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB, Advocate Health Care,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 5.38%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,845</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,983,117</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/37 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">335</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">364,121</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/42 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">610</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">659,489</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central DuPage Health, Series B, 5.50%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">550</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">601,898</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">McCormick Place Expansion Project (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 6/15/50</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,095</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,140,563</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B-2, 5.00%, 6/15/50</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">624,756</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">205,699</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Illinois, RB, Build Illinois, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 6/15/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">215</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">236,543</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,461,983</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, RB, Wastewater Utility (CWA</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority Project), First Lien, Series A, 5.25%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">540</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">601,949</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Refunding RB, Parkview Health</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System, Series A, 5.75%, 5/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,217,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Wastewater Utility, RB, Sisters of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">St. Francis Health, 5.25%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">290</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">311,935</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Wastewater Utility, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health Senior Credit, Series B-5,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">522,895</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Municipal Power Agency, RB, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">350</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">400,953</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,055,707</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Iowa &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Iowa Student Loan Liquidity Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A-1, AMT, 5.15%, 12/01/22</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">975</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,084,561</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kentucky &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 6.38%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">350</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">400,432</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Owensboro Medical Health System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 6.38%, 3/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">370</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">423,313</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">823,745</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Louisiana &#151; 2.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Local Government Environmental Facilities &amp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Community Development Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A-1, 6.50%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,135</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,273,890</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Westlake Chemical Corp. Projects, 6.75%, 11/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,201,960</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,475,850</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maine &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maine Health &amp; Higher Educational Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maine General Medical Center, 6.75%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">970</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,082,956</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maine State Turnpike Authority, RB, 5.00%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">310</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">346,109</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,429,065</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 47%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 47%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maryland &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, RB, Transportation Facilities Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Series A, 5.75%, 6/01/35</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 970</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,028,772</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,046,720</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, 5.00%, 11/15/51 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,140</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,230,607</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,306,099</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Development Finance Agency, RB, Wellesley</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">College, Series J, 5.00%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">630</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">711,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Partners Healthcare, Series J1,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">615</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">655,738</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,367,713</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan &#151; 2.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Detroit Michigan, RB, Senior Lien, Series B (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.50%, 7/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">560</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">701,714</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Detroit Michigan, Water Supply System, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A, 5.25%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,529,415</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Royal Oak Hospital Finance Authority Michigan, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,400</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,780,352</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,011,481</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Minnesota &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Securitization Authority Minnesota, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,540</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,734,425</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">650</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">714,948</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,449,373</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project Nebraska, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 9/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">285</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">296,286</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">501,570</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">797,856</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Jersey &#151; 1.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Cigarette Tax, Refunding RB, Cigarette Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Revenue, 5.00%, 6/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">335</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">370,738</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.40%, 9/15/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,002,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation System, Series B, 5.25%, 6/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">845</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">944,220</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,317,358</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 5.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Transportation Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation, Series D, 5.25%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">410</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">448,626</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Industrial Development Agency, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">American Airlines, JFK International Airport, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.63%, 8/01/25 (c)(d)(e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,054,880</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">British Airways Place Project, 7.63%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,032,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Transitional Finance Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series E, 5.00%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">850</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">944,146</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Second Priority, Bank of America Tower at One Bryant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Project, 6.38%, 7/15/49</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">420</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">467,598</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, RB, New York</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University, Series A, 5.25%, 7/01/48</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,101,840</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">JFK International Air Terminal, 6.00%, 12/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">430</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">476,595</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,526,185</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, RB, Duke</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Health System, Series A, 5.00%, 6/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">480</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">516,398</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Ohio, RB, Ford Motor Co. Project, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.75%, 4/01/35</TD>
     <TD STYLE="border-bottom: #000000 1px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; text-align: left; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,000</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,005,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Oregon &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, RB, Water</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System, 5.00%, 8/01/42 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">111,455</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Water System, 5.00%, 8/01/37 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">90</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">100,554</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oregon State Facilities Authority, New Student, HRB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CHF-Ashland, LLC - Southern Oregon University Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.70%, 7/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">655</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">677,676</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">889,685</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Allegheny County Hospital Development Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health System, West Penn, Series A, 5.38%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,115</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">929,297</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Puerto Rico &#151; 3.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Puerto Rico, GO, Refunding, Public</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Improvement, Series A, 5.00%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,088,263</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.13%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">120</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">119,738</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">199,384</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB, First</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 6.50%, 8/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,705</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,999,027</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">First Sub-Series C, 5.96%, 8/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,490</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">318,845</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 5.61%, 8/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,540</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,890,671</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,615,928</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Public Service Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">735</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">803,789</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Santee Copper Project, Series C, 5.00%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">530</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">588,782</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,392,571</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Tennessee &#151; 0.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rutherford County Health &amp; Educational Facilities Board,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health, Series C, 5.00%, 11/15/47 (b)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">75</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">80,961</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 7.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Brazos River Authority, RB, TXU Electric, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">8.25%, 10/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">224,565</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority, RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 1/01/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">730</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">804,832</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Dallas Texas, Refunding RB, Waterworks &amp; Sewer</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System, 5.00%, 10/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">525</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">590,951</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas, Refunding RB, Senior Lien, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">275,910</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">HFDC of Central Texas, Inc., RB, Village at Gleannloch</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Farms, Series A, 5.50%, 2/15/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">974,637</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Houston Higher Education Finance Corp., RB, Cosmos</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foundation, Inc. Series A, 6.88%, 5/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">239,068</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Matagorda County Navigation District No. 1 Texas,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Central Power &amp; Light Co. Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 6.30%, 11/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">799,127</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Texas Tollway Authority, Refunding RB, Toll, Second</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tier, Series F, 6.13%, 1/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,290</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,520,053</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tarrant County Cultural Education Facilities Finance Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,390</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,597,138</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, LBJ Infrastructure Group LLC,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">LBJ Freeway Managed Lanes</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Project, 7.00%, 6/30/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,163,260</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas State Public Finance Authority, RB, Charter School</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Finance, Cosmos Foundation, Series A, 5.38%, 2/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,270,112</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Texas System, Refunding RB, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financing System Series B, 5.00%, 8/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,070</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,222,561</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,682,214</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; 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 -->18<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 47%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 47%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 2.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Peninsula Ports Authority, Refunding RB, Virginia Baptist</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Homes, Series C, 5.38%, 12/01/26</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,600</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,240,944</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia HDA, RB, Rental Housing, Series F,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 4/01/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,040,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, RB, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Elizabeth River Crossings Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">275</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">282,395</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,629,540</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">400</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">411,520</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,604,559</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, Swedish</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Services, Series A, 6.75%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">660</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">840,926</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health Credit Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,835</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,009,636</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wyoming &#151; 0.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wyoming Municipal Power Agency, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">105,978</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Total Municipal Bonds &#151; 63.6%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid">103,835,324</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to <BR> Tender Option Bond Trusts (f)</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt River Project Agricultural Improvement &amp; Power</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">District, RB, Series A, 5.00%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">820</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">889,215</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 13.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area Toll Authority, Refunding RB, San Francisco</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area, Series F-1, 5.63%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,090</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,222,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB, University of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Southern California, Series A, 5.25%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">840</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">953,039</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2002, 5.25%, 8/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">553</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">635,144</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Public Utilities Commission,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series B, 5.00%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,225</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,561,948</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of California, RB, Series B (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 5/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">14,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,826,395</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">21,198,686</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 3.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, Refunding RB, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Catholic Healthcare, 5.50%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">740</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">827,915</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sisters of Leavenworth, 5.00%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,930</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,131,491</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,959,406</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida, RB, Water &amp; Sewer System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/34</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,950</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,143,422</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 4.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, RB, (O&#146;Hare International),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Third Lien, Series A (NPFGC), 5.00%, 1/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,995</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,156,738</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB, Carle Foundation, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGM), 6.00%, 8/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,340</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,636,174</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,792,912</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 7.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Carmel Redevelopment Authority, RB, Performing Arts Center:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 2/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,365</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,615,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,580</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,207,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,823,575</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (f)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 8.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts HFA, Refunding HRB, Series D, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.45%, 6/01/37</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 11,855</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 12,057,004</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts School Building Authority, RB, Senior,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 10/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,560</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,748,354</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,805,358</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 3.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Omaha Public Power District, RB, System, Sub-Series B</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 4.75%, 2/01/36</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,219,550</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Hampshire &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Hampshire Health &amp; Education Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Dartmouth College, 5.25%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">660</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">758,234</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 24.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hudson New York Yards Infrastructure Corp., RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,510</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,703,991</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water &amp; Sewer Finance</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB, Second General Resolution, Series HH,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,835</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,254,906</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series D, 5.00%, 6/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,096,025</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Water &amp; Sewer, Series FF-2, 5.50%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">495</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">565,509</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., RB, World Trade</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Center Port Authority Construction, 5.25%, 12/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,135</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,893,593</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">World Trade Center Project, 5.75%, 11/15/51</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,220</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,519,944</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, ERB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.75%, 3/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">11,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,135,838</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series F, 5.00%, 3/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,251,441</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">39,421,247</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 9.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of North Carolina at Chapel Hill, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">General, Series A, 4.75%, 12/01/34</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">15,170</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,907,684</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 4.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Allen Ohio, Refunding RB, Catholic Healthcare,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 6/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,871,116</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Ohio, Refunding RB, Cleveland Clinic Health,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.50%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,634</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,108,648</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,979,764</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 1.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Housing Finance &amp; Development</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, Refunding RB, Series B-1, 5.55%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,709</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,860,901</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 8.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,130</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,315,374</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County Metropolitan Transit Authority, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,170</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,290,931</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Caney ISD, GO, School Building (PSF-GTD),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,150</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,136,645</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,742,950</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Utah &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Riverton Utah, RB, IHC Health Services Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">960</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,028,666</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sentara Healthcare, 5.00%, 11/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,078,906</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Froedtert &amp; Community Health, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 4/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,990</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,162,311</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Tender Option Bond Trusts &#151; 94.2%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">153,772,787</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $246,326,109) &#151; 157.8%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">257,608,111</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="width: 47%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Long-Term Municipal Advantage Trust (BTA)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 52%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 47%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">FFI Institutional Tax-Exempt Fund, 0.09% (g)(h)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 4%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 12%">3,415,500</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 6%; vertical-align: bottom; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%; padding-right: 4"> 3,415,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $3,415,500) &#151; 2.1%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,415,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $249,741,609) &#151; 159.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">261,023,611</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liabilities in Excess of Other Assets &#151; (0.5)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(910,053)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (59.4)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(96,898,496)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">163,215,062</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right; border-top: Black 1pt solid">(a)</TD><TD STYLE="width: 4pt; border-top: Black 1pt solid">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid">Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Morgan Stanley &amp; Co., Inc.</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,335,178</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">21,630</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Stifel Nicolaus &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">896,421</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Wells Fargo Bank NA</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">212,009</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,500</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(d)</TD><TD STYLE="width: 4pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(e)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(g)</TD><TD STYLE="width: 4pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 21%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 24%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional</TD>
     <TD STYLE="width: 21%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 16%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 12%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 21%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">1,227,518</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">2,187,982</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; width: 24%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">3,415,500 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4px; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(h)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Financial futures contracts sold as of April 30, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Contracts</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Expiration</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Notional <BR>
Value</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B> Unrealized<BR>
Depreciation</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">36</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">10-Year US</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">Chicago Board</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">June</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 15%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 18%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$ 4,762,125 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$ (63,068)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt">Changes
in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with 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.</P>


<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 12px">Investments<SUP>1</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">257,608,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">257,608,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,415,500</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: bottom">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,415,500</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3,415,500</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">257,608,111</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">261,023,611</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="text-align: left; text-indent: 6px">&nbsp;&nbsp;<SUP>1 </SUP>See above Schedule of Investments for values in each state or political subdivision.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">&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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>Level 1</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>Level 2</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>Level 3</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>Total</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivative Financial Instruments<SUP>2</SUP></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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Interest</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">rate</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; text-indent: 12px">contracts</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(63,068</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(63,068</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 20 -->
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<BR>
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     <TD STYLE="width: 54%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 45%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>
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     <TD STYLE="width: 54%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 45%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
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     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alabama State 21st Century Authority Tobacco Settlement,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">RB, Series A, 5.00%, 6/01/20</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,000</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,191,100</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Courtland IDB Alabama, Refunding RB, International</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Paper Co. Projects, Series A, 4.75%, 5/01/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,165</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,218,823</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,409,923</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alaska &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Valdez Alaska, Refunding RB, BP Pipelines Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,760,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 5.00%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,937,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,697,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 3.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,541,930</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,585</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,789,014</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB, Senior:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,608,480</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,096,140</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,035,564</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 19.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Sutter Health, Series B, 5.00%, 8/15/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">815</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">965,294</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California State Department of Water Resources,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Series L, 5.00%, 5/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,456,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, John Muir Health, Series A, 5.00%, 8/15/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,408,450</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foothill Eastern Transportation Corridor Agency California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, CAB (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.98%, 1/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,485,375</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/15/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,633,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Golden State Tobacco Securitization Corp. California, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">ARS, Asset-Backed, Series A-3, 7.88%, 6/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">975</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,053,995</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 2003-A-1, 6.63%, 6/01/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,601,820</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 2003-A-1, 6.75%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">11,010</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,772,222</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Los Angeles Unified School District California, GO, Series I,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,508,925</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Riverside County Asset Leasing Corp. California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Riverside County Hospital Project (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.56%, 6/01/25 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,865</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,350,257</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Manuel Entertainment Authority, Series 04-C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.50%, 12/01/16 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,114,320</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purpose, 5.00%, 11/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,050</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,432,955</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">65,783,713</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">E-470 Public Highway Authority Colorado, RB, CAB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B (NPFGC), 4.32%, 9/01/22 (a)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,893,050</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>District of Columbia &#151; 3.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia Tobacco Settlement Financing Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Asset-Backed, 6.50%, 5/15/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,215</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,603,286</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Washington Airports Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C-2, AMT (AGM), 5.00%, 10/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,388,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,991,486</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 8.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bellalago Educational Facilities Benefit District, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, Series A, 5.85%, 5/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,020</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,990,306</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Broward County School Board Florida, COP, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 7/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,402,413</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Jacksonville Florida, RB, Better Jacksonville,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,915,011</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Florida State Board of Education, GO, Refunding, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,206,600</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Habitat Community Development District, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Assessment Bonds, 5.80%, 5/01/25</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,820</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,823,968</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Miami Beach Health Facilities Authority, RB, Mount Sinai</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Medical Center of Florida, 6.75%, 11/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,170</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,363,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Middle Village Community Development District, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, Series A, 5.80%, 5/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,285</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,141,018</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pine Island Community Development District, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.30%, 11/01/10 (d)(e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">100,030</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stevens Plantation Community Development District,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Special Assessment Bonds, Series B, 6.38%, 5/01/13</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,530</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,647,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Village Community Development District No. 5 Florida,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Special Assessment Bonds, Series A, 6.00%, 5/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,975</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,020,464</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">27,610,310</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 13.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, RB, General Airport, Third Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AMBAC):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,472,300</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,596,890</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">MJH Education Assistance IV LLC, Sub-Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/24 (d)(e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,075</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">107,468</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Northwestern University, 5.00%, 12/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,105,040</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois State Toll Highway Authority, RB, Senior Priority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AGM), 5.00%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,520,315</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lake Cook-Dane &amp; McHenry Counties Community Unit</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School District 220 Illinois, GO, Refunding (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,267,130</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority Illinois,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, CAB, McCormick, Series A (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.02%, 6/15/22 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">13,455</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,991,303</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 6/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,356,300</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Illinois, RB, Build Illinois, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,372,740</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">44,789,486</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 4.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Vincennes Indiana, Refunding RB, Southwest</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Regional Youth Village, 6.25%, 1/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,430,560</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Municipal Power Agency, Series A, 5.00%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">725,082</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indianapolis Airport Authority, Refunding RB, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,361,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,516,642</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kansas &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kansas Development Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Adventist Health, 5.25%, 11/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,018,325</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wyandotte County-Kansas City Unified Government,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Kansas International Speedway (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.65%, 12/01/20 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,440</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,340,818</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,359,143</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kentucky &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Housing Corp., RB, Series C, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.63%, 7/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,072,340</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisville &amp; Jefferson County, Revenue RB, Metro</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Government Catholic Health Initiatives, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">3.50%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,115</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,298,286</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,430</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,722,077</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,092,703</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Louisiana &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Parish of DeSoto Louisiana, RB, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.85%, 11/01/27</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,086,300</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 44%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 44%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maryland &#151; 4.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, RB, Transportation Facilities Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Series A, 5.13%, 6/01/20</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,250</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,339,775</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charlestown Community, 5.50%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,335</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,514,931</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Maryland Medical System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">670</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">769,341</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland State and Local Facilities Loan, GO, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 3/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,624,300</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,248,347</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Development Finance Agency, RB, Waste</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Management, Inc. Project, AMT, 5.45%, 6/01/14</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,862,205</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts State Water Pollution Abatement, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">140</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">140,626</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,002,831</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan &#151; 2.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kalamazoo Hospital Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bronson Methodist Hospital, 5.00%, 5/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,720</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,935,103</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lansing Board of Water &amp; Light, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">3.50%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,103,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Michigan State Building Authority, RB, Refunding Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Program, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.00%, 10/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,205</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,354,143</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">325</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">389,994</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Michigan, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,213,170</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,400,680</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,396,090</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Minnesota &#151; 7.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Minnesota Higher Education Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of St. Thomas, Series 5-Y, 5.00%, 10/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,315,225</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Minnesota State Trunk Highway, GO, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">16,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">20,293,440</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Securitization Authority, Refunding RB, Tobacco</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Settlement, Series B, 5.00%, 3/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,309,720</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">23,918,385</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Missouri &#151; 3.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri Development Finance Board, RB, Branson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Landing Project, Series A, 5.50%, 12/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,194,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, BJC Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,144,105</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,338,305</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Multi-State &#151; 5.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Centerline Equity Issuer Trust (c)(f):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 5/15/15</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,082,560</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 5/15/15</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,356,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 5/15/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,871,475</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.30%, 5/15/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,916,025</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">MuniMae TE Bond Subsidiary LLC (c)(f)(g):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.40%</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,299,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.80%</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,399,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series D, 5.90%</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,119,960</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">19,045,820</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project No. 3, RB, Gas Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/20 (h)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,876,915</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nevada &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Henderson Nevada, Special Assessment Bonds,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">District No. T-18, 5.15%, 9/01/21</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,755</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,045,506</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Clark Nevada, Refunding RB, Alexander Dawson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School Nevada Project, 5.00%, 5/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,409,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,454,906</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Hampshire &#151; 2.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Hampshire Business Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Public Service Co. of New Hampshire Project, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT (NPFGC), 4.75%, 5/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,350</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,566,761</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Hampshire Health &amp; Education Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,225</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,508,962</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,075,723</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Jersey &#151; 8.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Middlesex County Improvement Authority, RB, Street</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Student Housing Project, Series A, 5.00%, 8/15/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,029,660</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cigarette Tax, 5.50%, 6/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,064,700</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Continental Airlines, Inc. Project, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">9.00%, 6/01/33 (i)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,608,060</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cigarette Tax, 5.00%, 6/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,859,425</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">First Mortgage, Winchester, Series A, 4.80%, 11/01/13</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">520</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">530,478</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School Facilities, Series GG, 5.00%, 9/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,350,800</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Educational Facilities Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Medicine &amp; Dentistry, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 12/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,022,750</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Health Care Facilities Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AtlantiCare Regional Medical Center, 5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,110</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,334,019</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Capital Health System Obligation Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 7/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,248,440</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">28,048,332</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 8.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of New York New York, GO, 5.00%, 4/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,365</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,837,338</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Industrial Development Agency, RB, American</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Airlines, Inc., JFK International Airport, AMT (d)(e)(i):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.63%, 8/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,885</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,938,302</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.75%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,099,950</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Energy Research &amp; Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Brooklyn Union Gas/Keyspan, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT (NPFGC), 4.70%, 2/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,944,635</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">JFK International Air Terminal, 5.00%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,525</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,610,446</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp. New York, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Asset-Backed, Series B-1C, 5.50%, 6/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,268,750</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">27,699,421</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 2.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Eastern Municipal Power Agency,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Series B, 5.00%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,550</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,815,717</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Municipal Power Agency No. 1,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Series B, 5.00%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,029,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,845,617</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 4.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cuyahoga County, RB, Cleveland Clinic Health System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,530</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,631,347</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,470</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,567,373</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,437,824</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,900</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,224,576</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,861,120</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 22 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 44%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 44%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 6.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lancaster County Hospital Authority, RB, General Hospital</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Project, 5.75%, 3/15/20</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 7,500</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 8,029,425</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB, Refunding Amtrak Project, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.00%, 11/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,175</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,334,797</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Drexel University, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,575</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,859,870</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania IDA, Refunding RB, 5.00%, 7/01/20 (h)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,767,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, RB, Sub-Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGC), 5.00%, 6/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,157,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 12/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,831,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">19,980,252</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Puerto Rico &#151; 7.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Puerto Rico, GO, Public Improvement,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.25%, 7/01/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,626,172</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, Series A, 5.00%, 7/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,415</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">9,183,458</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Electric Power Authority, RB, Series NN,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.13%, 7/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">9,506,520</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB, Sales Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Revenue, Series C, 5.00%, 8/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,100</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,316,634</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">23,632,784</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Ports Authority, RB, 5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,418,240</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 9.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority, RB, Senior Lien:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">882,184</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,270,735</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,855,950</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Frisco TX, GO, Refunding, 3.00%, 2/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,456,055</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas, Refunding RB, Sub Lien, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">297,953</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lower Colorado River Authority, 5.00%, 5/15/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">6,068,150</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Texas Tollway Authority, RB, Series C:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,178,020</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 1/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,884,550</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas State Turnpike Authority, RB, CAB, First Tier, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AMBAC) (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">3.82%, 8/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,990</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,621,524</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.41%, 8/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,450</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,924,744</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">31,439,865</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>US Virgin Islands &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virgin Islands Public Finance Authority, RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Matching Fund Loan Note, Series A, 5.25%, 10/01/17</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,074,890</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 7.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charles City County EDA, RB, Waste Management, Inc.</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">10,708,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mecklenburg County IDA Virginia, Refunding RB, Exempt</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Facility, UAE LP Project, AMT, 6.50%, 10/15/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,534,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Norfolk Virginia Water Revenue, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,514,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Roanoke EDA, RB, Carilion Clinic Obligation Group,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,774,275</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Russell County IDA, Refunding RB, Appalachian Power,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series K, 4.63%, 11/01/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,190,260</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">24,721,395</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 0.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, Providence</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health &amp; Services B, 5.00%, 10/01/20</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">299,218</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 2.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Wisconsin, Refunding RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/01/20</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"> 1,000</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 1,214,300</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Froedtert &amp; Community Health, Inc., 5.00%, 4/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,515</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,783,003</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wheaton Franciscan Services, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 8/15/17</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,880</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,989,210</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wheaton Franciscan Services, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 8/15/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,190</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,302,479</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">9,288,992</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2pt solid"><B>Total Municipal Bonds &#151; 149.5%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; border-bottom: Black 2pt solid">494,933,268</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2pt solid; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to<BR> Tender Option Bond Trusts (j) &#151; 1.8%</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, Refunding RB, Second Lien (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/20</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,885,350</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>(Cost &#151; $476,275,878) &#151; 151.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">500,818,618</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 70%">FFI Institutional Tax-Exempt Fund, 0.09% (k)(l)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 4%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 12%">3,693,013</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 4%; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%; padding-right: 4">3,693,013</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $3,693,013) &#151; 1.1%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,693,013</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $479,968,891) &#151; 152.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">504,511,631</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Other Assets Less Liabilities &#151; 1.2%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,157,538</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (1.1)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(3,753,152)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>AMPS, at Redemption Value &#151; (52.5)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(173,858,030)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">331,057,987</TD></TR>                                                                                                                                                     <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(a)</TD><TD STYLE="width: 4pt">&nbsp;</TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(d)</TD><TD STYLE="width: 4pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(e)</TD><TD STYLE="width: 4pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>Security represents a beneficial interest in a trust. The collateral deposited into
the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated maturity.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(g)</TD><TD STYLE="width: 4pt"></TD><TD>Security is perpetual in nature and has no stated maturity date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(h)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Goldman Sachs &amp; Co.</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,876,915</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">560</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Morgan Stanley &amp; Co., Inc.</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,767,600</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">6,720</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 23 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 44%"><B><FONT COLOR=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(i)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(j)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(k)</TD><TD STYLE="width: 4pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 16%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 23%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 12%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">3,220,721</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">472,292</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">3,693,013</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ 1,414</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(l)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>

<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">Changes in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Trust&#146;s investments:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 1</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 2</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 3</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Total</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 24px">Investments<SUP>1</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">500,818,618</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">500,818,618</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 24px">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,693,013</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,693,013</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3,693,013</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">500,818,618</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">504,511,631</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">See above Schedule of Investments for values in each
state or political subdivision.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alabama State Docks Department, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">6.00%, 10/01/40</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 4,080</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 4,510,807</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Jefferson Alabama, RB, 5.25%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,910</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,871,210</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,382,017</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 3.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,030</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,224,081</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,460</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,596,697</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">19,820,778</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 22.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area Toll Authority, Refunding RB, San Francisco</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area, Series F-1, 5.63%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,445</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,983,156</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California County Tobacco Securitization Agency, RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stanislaus, Sub-Series C, 10.51%, 6/01/55 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">17,855</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">216,224</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB, Sutter</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health, Series B, 6.00%, 8/15/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,230</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,302,993</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California State Public Works Board, RB, Various Capital</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Projects, Sub-Series 1, 6.38%, 11/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,315</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,703,457</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 4/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,295</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,582,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Facility Memorial Health Services, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 4/01/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,239,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Lincoln California, Special Tax Bonds, Community</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Facilities District No. 2003-1, 6.00%, 9/01/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,115</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,403,262</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,560</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,718,824</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Los Angeles International Airport, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">11,690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,696,158</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foothill Eastern Transportation Corridor Agency California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, CAB (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.26%, 1/15/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">54,635</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,210,204</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.46%, 1/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">75,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,646,750</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foothill-De Anza Community College District, GO, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,835,170</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Golden State Tobacco Securitization Corp. California, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 2003-A-1, 6.63%, 6/01/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,339,400</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Los Angeles Regional Airports Improvement Corp.</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">California, Refunding RB, Facilities LAXFUEL Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">LA International, AMT (AMBAC), 5.50%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">13,320</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,326,660</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Murrieta Community Facilities District Special Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">California, Special Tax Bonds, District No. 2, The Oaks</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Improvement Area A, 6.00%, 9/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,039,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Marcos Unified School District, GO, Election of 2010,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, CAB (a)(c):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.37%, 8/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,078,665</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.45%, 8/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,088,240</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,970</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,912,362</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 4/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">20,410</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">24,871,626</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,935</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,320,063</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">144,514,249</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Colorado Springs Colorado, RB, Subordinate Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Improvement, Series C (AGM), 5.00%, 11/15/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,115</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,201,884</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Catholic Health, Series A, 5.50%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,205</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,705,689</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Creek Metropolitan District Colorado, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,530</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,655,817</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,563,390</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Connecticut &#151; 0.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facility Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health Senior Credit, 5.00%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,710</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,915,933</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Delaware &#151; 1.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sussex Delaware, RB, NRG Energy, Inc., Indian</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">River Project, 6.00%, 10/01/40</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 2,225</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 2,409,275</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware State EDA, RB, Exempt Facilities, Indian River</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Power, 5.38%, 10/01/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,950</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,207,659</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,616,934</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>District of Columbia &#151; 4.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia Tobacco Settlement Financing Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Asset-Backed, 6.75%, 5/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">23,035</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">23,129,904</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Washington Airports Authority, RB, First Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">990</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,059,547</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,465</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,652,858</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">26,842,309</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 4.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida, Refunding RB, Miami</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">International Airport, Series A-1, 5.38%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,280</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,519,309</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Highlands County Florida Health Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 2006-G, 5.13%, 11/15/32 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,053,920</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Miami Beach Health Facilities Authority, RB, Mount Sinai</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Medical Center of Florida, 6.75%, 11/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,575</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,159,780</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,450</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,158,307</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Orange County Health Facilities Authority, Refunding RB (c):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">600,408</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mayflower Retirement Center, 5.00%, 6/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">125</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">121,249</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mayflower Retirement Center, 5.13%, 6/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,575</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,559,423</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stevens Plantation Community Development District,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Special Assessment Bonds, Series A, 7.10%, 5/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,737,573</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Village Community Development District No. 6, Special</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Assessment Bonds, 5.63%, 5/01/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,575</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,614,081</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">26,524,050</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Georgia &#151; 1.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">DeKalb Private Hospital Authority, Refunding RB, Children&#146;s</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Healthcare, 5.25%, 11/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,784,228</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Atlanta Rapid Transit Authority, RB, Third</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series, 5.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,425,450</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Richmond County Development Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">International Paper Co. Project, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 2/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,050,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,259,678</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Hawaii &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,660</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,934,459</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 10.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago Board of Education Illinois, GO, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 12/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,110</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,645,656</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,355</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,457,492</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, RB, General, Third Lien, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 1/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">11,385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,655,283</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, Refunding RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,605</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,786,269</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Transit Authority, RB, Sales Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Receipts Revenue, 5.25%, 12/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,055</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,278,522</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Advocate Health Care, Series C, 5.38%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,630</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,425,762</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">MJH Education Assistance IV LLC, Sub-Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 6/01/35 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,675</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">167,450</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Navistar International Recovery Zone,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 10/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,010</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,256,760</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/37 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,895</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,059,732</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/42 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,450</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,729,898</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Dupage Health, Series B, 5.50%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,458,178</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Friendship Village Schaumburg, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 2/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">845</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">762,596</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 25 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">McCormick Place Expansion Project (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Series B, 5.00%, 6/15/50</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 3,905</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 4,066,120</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B-2, 5.00%, 6/15/50</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,155</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,411,110</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,625</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,999,771</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,245</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,547,536</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Illinois, RB, Build Illinois, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 6/15/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,240</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,364,248</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">66,072,383</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 2.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Vincennes Indiana, Refunding RB, Southwest</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Regional Youth Village, 6.25%, 1/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,925</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,169,707</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, RB, First Lien, CWA Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,080</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,433,338</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Wastewater Utility, RB, Sisters</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">of St. Francis Health, 5.25%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,655</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,780,184</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Health Facility Financing Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Methodist Hospital, Inc., 5.50%, 9/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,769,240</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Municipal Power Agency, RB, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,150</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,462,997</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">17,615,466</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Iowa &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Iowa Student Loan Liquidity Corp., Refunding RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A-1, AMT, 5.15%, 12/01/22</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,830</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,260,377</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kansas &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kansas Development Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sisters of Leavenworth, Series A, 5.00%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,275</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,489,283</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kentucky &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Owensboro Medical Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.38%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,490</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,704,694</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Louisiana &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Local Government Environmental Facilities &amp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Community Development Authority, RB, Westlake</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chemical Corp., Series A-1, 6.50%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,535</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,334,688</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Parish of Saint John the Baptist Louisiana, RB, Marathon</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oil Corp., Series A, 5.13%, 6/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,040</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,222,347</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,557,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maine &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maine State Turnpike Authority, RB, 5.00%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,715</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,914,763</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maryland &#151; 2.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, RB, Transportation Facilities Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 6/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">855</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">906,804</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,760</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,842,227</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/51 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,450</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,962,646</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charlestown Community, 6.25%, 1/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,295</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,773,936</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Montgomery County Housing Opportunities Commission,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series D, AMT, 5.50%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">825</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">873,518</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,359,131</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Partners Healthcare, Series J1,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,535</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,769,158</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan &#151; 2.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Detroit Michigan, Water Supply System, RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lien, Series A, 5.25%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,015</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,132,954</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kalamazoo Hospital Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bronson Methodist Hospital, 5.50%, 5/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,920,158</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lansing Board of Water &amp; Light, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.50%, 7/01/41</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 2,870</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 3,316,773</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Michigan State Hospital Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Henry Ford Health System, Series A, 5.25%, 11/15/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,230</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,374,370</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,744,255</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Minnesota &#151; 2.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Rochester Minnesota, RB, 4.00%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,010</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,992,754</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Securitization Authority Minnesota, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,780</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,888,475</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,700</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,069,704</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,950,933</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Mississippi &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Gulfport Mississippi, RB, Memorial Hospital at</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Gulfport Project, Series A, 5.75%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">14,025</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,041,409</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Missouri &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Living Facilities, Lutheran Senior Home,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,035</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,092,977</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Multi-State &#151; 2.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Centerline Equity Issuer Trust, 6.80%, 10/31/52 (g)(h)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">16,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">17,544,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project Nebraska, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 9/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,610</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,673,756</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,815</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,823,839</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Douglas County Hospital Authority No. 2, RB, Health</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,280</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,563,392</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lancaster County Hospital Authority No. 1, RB, Immanuel</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Obligation Group, 5.63%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">651,840</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">8,712,827</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nevada &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Clark Nevada, Refunding RB, Alexander Dawson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School Nevada Project, 5.00%, 5/15/29</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,550</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,731,955</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Jersey &#151; 7.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Middlesex County Improvement Authority, RB, Heldrich</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Center Hotel, Series B, 6.25%, 1/01/37 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">327,483</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Cigarette Tax, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,905</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,108,225</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 9/15/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,007,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.00%, 11/15/30 (d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">15,410</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,467,788</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Special Assessment Bonds, Refunding,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kapkowski Road Landfill Project, 6.50%, 4/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,234,320</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation System:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.50%, 6/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,119,520</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.25%, 6/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,810</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,374,790</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp. New Jersey,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Series 1A, 4.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,135</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,964,362</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">47,603,688</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 5.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Albany Industrial Development Agency, RB, New Covenant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charter School Project, Series A, 7.00%, 5/01/35 (e)(f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,820</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">418,582</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Transportation Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation, Series D, 5.25%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,598,749</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Industrial Development Agency, RB, American</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Airlines, Inc., JFK International Airport, AMT (d)(e)(f):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">8.00%, 8/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,099,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.75%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">22,140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">22,582,578</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Second Priority, Bank of America Tower at One Bryant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Project, 6.38%, 7/15/49</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,671,992</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">JFK International Air Terminal:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">6.00%, 12/01/36</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 2,525</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 2,827,470</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 12/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,960</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,172,386</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">38,371,657</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 3.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Gaston County Industrial Facilities &amp; Pollution Control</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financing Authority North Carolina, RB, Exempt Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">National Gypsum Co. Project, AMT, 5.75%, 8/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,130</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">10,199,025</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Capital Facilities Finance Agency, RB, Duke</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Project, Series B, 5.00%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">11,188,100</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, RB, Duke</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Health System, Series A, 5.00%, 6/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,750</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,958,533</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">24,345,658</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 2.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Allen Ohio, Refunding RB, Catholic Healthcare,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 6/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,125</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,636,070</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Montgomery Ohio, Refunding RB, Catholic</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Healthcare, Series A, 5.00%, 5/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,450</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,745,935</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pinnacle Community Infrastructure Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Facilities, Series A, 6.25%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,760</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,183,893</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">15,565,898</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Oregon &#151; 0.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, RB, Water</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System, 5.00%, 8/01/42 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">575</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">640,866</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Water System, 5.00%, 8/01/37 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">495</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">553,049</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,193,915</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Allegheny County Hospital Development Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health System, West Penn, Series A, 5.38%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,255</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,879,430</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,725</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,064,124</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,943,554</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Puerto Rico &#151; 4.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.13%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">670</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">668,539</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,115</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,111,566</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Series A, 5.69%, 8/01/33 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">11,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,458,418</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Series A, 5.88%, 8/01/36 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">40,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,809,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">First Sub-Series A, 6.50%, 8/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,900</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,779,705</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">27,827,828</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 3.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina Jobs-EDA, Refunding RB, Palmetto Health</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alliance, Series A, 6.25%, 8/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,075</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,288,048</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Ports Authority, RB, 5.25%, 7/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,455</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,087,719</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Public Service Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,095</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,478,251</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Santee Cooper Project, Series C, 5.00%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,015</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,349,394</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">20,203,412</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Tennessee &#151; 0.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Knox County Health Educational &amp; Housing Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Board Tennessee, Refunding RB, CAB, Series A (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.48%, 1/01/20 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,055</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,340,395</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rutherford County Health &amp; Educational Facilities Board,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, 5.00%, 11/15/47 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">415</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">447,984</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,788,379</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 14.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Brazos River Authority, RB, TXU Electric, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">8.25%, 10/01/30</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 4,370</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 654,233</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority, RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 1/01/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,641,567</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,970</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,343,091</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Airport System, Senior Lien, Series A, 5.50%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,310,920</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Combined First Lien, Series A (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 11/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">16,425</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">19,669,923</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County-Houston Sports Authority, Refunding RB</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC) (a):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Junior Lien, Series H, 6.68%, 11/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,065,750</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Senior Lien, Series A, 6.27%, 11/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,580</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,443,665</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Third Lien, Series A-3, 6.61%, 11/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">26,120</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,961,494</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lower Colorado River Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(NPFGC), 5.00%, 5/15/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">55</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">57,708</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">LCRA Transmission Services Project (AMBAC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 5/15/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">140,087</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (NPFGC), 5.00%, 5/15/13 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,246</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Texas Tollway Authority, Refunding RB, Toll Second</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tier, Series F, 6.13%, 1/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">13,403,603</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Antonio Energy Acquisition Public Facility Corp., RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Gas Supply, 5.50%, 8/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,540</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,326,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tarrant County Cultural Education Facilities Finance Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,930</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,111,729</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien Infrastructure, 7.00%, 6/30/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,975</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,276,998</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, NTE Mobility Partners LLC, North Tarrant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Express Managed Lanes Project, 6.88%, 12/31/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,454,785</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Texas System, Refunding RB, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financing System Series B, 5.00%, 8/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,855,480</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">93,722,779</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 2/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,240</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,241,657</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Commonwealth Transportation Board, RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Contract, Route 28 (NPFGC), 5.31%, 4/01/32 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,105</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,851,501</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, RB, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,155</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,239,838</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,580</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,889,169</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,255</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,319,944</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,542,109</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, Swedish</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Services, Series A, 6.75%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,900</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,969,107</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Ascension Health Senior Care Group,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,533,407</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Ascension Health Senior Care Group,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,640</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,785,911</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Aurora Health, Senior Credit Group, 6.40%, 4/15/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,677,375</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Froedtert &amp; Community Health, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 10/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,205</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,213,857</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,210,550</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds &#151; 120.4%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">781,223,137</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 27 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (i)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alabama Special Care Facilities Financing Authority-</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Birmingham, Refunding RB, Ascension Health Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Credit, Series C-2, 5.00%, 11/15/36</TD>
     <TD STYLE="border-bottom: #000000 1px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%; text-align: left; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 4,548</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 4,754,547</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt River Project Agricultural Improvement &amp; Power</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">District, RB, Series A, 5.00%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,760</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,161,787</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 7.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB, University of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Southern California, Series B, 5.25%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,115</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,803,326</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Los Angeles Community College District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2001, Series A (AGM), 5.00%, 8/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,053,320</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2002, 5.25%, 8/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,260</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,742,202</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Public Utilities Commission,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series B, 5.00%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">18,540</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">20,477,059</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of California, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Limited Project, Series B, 4.75%, 5/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,838</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">10,059,619</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C (NPFGC), 4.75%, 5/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,113,100</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">50,248,626</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, RB, Catholic Health:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C-3 (AGM), 5.10%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,963,432</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C-7, 5.00%, 9/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,860</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,101,202</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">13,064,634</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Connecticut &#151; 3.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facility Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Yale University:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series T-1, 4.70%, 7/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,400</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">10,675,016</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series X-3, 4.85%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">9,360</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">10,376,777</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">21,051,793</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Miami-Dade Florida, RB, Water &amp; Sewer System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/34</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,629</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,287,636</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 2.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts School Building Authority, RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 10/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">8,860</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">9,929,756</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Water Resources Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">dGeneral, Series A, 5.00%, 8/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">6,770</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,422,425</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">17,352,181</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Hampshire &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Hampshire Health &amp; Education Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Dartmouth College, 5.25%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,988</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,583,872</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 13.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hudson New York Yards Infrastructure Corp., RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,130</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,532,113</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water &amp; Sewer Finance</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB, Second General Resolution, Series HH,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">16,393</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">18,823,345</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water Finance Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series FF-2, 5.50%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,074</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,513,011</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Transitional Finance Authority, RB, Future Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Secured Revenue, Sub-Series E-1, 5.00%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,799</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,330,536</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., RB, 1 World Trade</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Center Port Authority Construction, 5.25%, 12/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">20,865</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">23,444,957</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4 World Trade Center Project, 5.75%, 11/15/51</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,610</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">14,313,737</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, ERB, Series F,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 3/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">16,708</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">18,110,526</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">87,068,225</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (i)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County Metropolitan Transit Authority, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 70%">5.00%, 11/01/41</TD>
     <TD STYLE="border-bottom: #000000 1px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 4%">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 12%"> 6,650</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 4%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 7,337,344</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Utah &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Riverton Utah, RB, IHC Health Services Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">7,153</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,666,773</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Virginia, Refunding RB, General,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">10,767</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">11,877,063</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 3.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Puget Sound Regional Transit Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AGM), 5.00%, 11/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,459</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">6,135,886</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Washington, GO, Various Purpose, Series E,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">14,487</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">16,473,681</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">22,609,567</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Tender Option Bond Trusts &#151; 40.1%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">260,064,048</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>(Cost &#151; $984,601,155) &#151; 160.5%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; border-bottom: Black 2px solid">1,041,287,185</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional Tax-Exempt Fund, 0.09% (j)(k)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">12,181,066</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">12,181,066</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $12,181,066) &#151; 1.9%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">12,181,066</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $996,782,221) &#151; 162.4%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,053,468,251</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Other Assets Less Liabilities &#151; 0.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,617,041</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (21.5)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(139,788,723)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>VMTP Shares, at Liquidation Value &#151; (41.8)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(270,800,000)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">648,496,569</TD></TR>                                                                                                                                                     <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(a)</TD><TD STYLE="width: 4pt">&nbsp;</TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Morgan Stanley &amp; Co., Inc.</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">13,200,260</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">122,257</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Piper Jaffray &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,281,080</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Stifel Nicolaus &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,166,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,185</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Wells Fargo Bank NA</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,193,915</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">14,114</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(d)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(e)</TD><TD STYLE="width: 4pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(g)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(h)</TD><TD STYLE="width: 4pt"></TD><TD>Security represents a beneficial interest in a trust. The collateral deposited into
the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated maturity.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(i)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 57%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 42%"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(j)</TD><TD STYLE="width: 4pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 21%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; border-top: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 19%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; border-top: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1px solid; border-top: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional</TD>
     <TD STYLE="width: 21%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 19%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 12%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 21%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">30,616,864</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 19%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">(18,435,798)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">12,181,066</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">$ 6,147</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(k)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Financial futures contracts sold as of April 30, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Contracts</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Expiration</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Notional <BR>
Value</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B> Unrealized<BR>
Depreciation</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">561</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">10-Year US</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">Chicago Board</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">June</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 15%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 18%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$74,209,781</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif"> $ (926,003)</TD></TR></TABLE><BR>
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<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
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<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
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<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
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<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>

<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">Changes in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt">The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 1</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 2</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Level 3</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">Total</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 12px">Investments<SUP>1 </SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,041,287,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,041,287,185</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">12,181,066</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">12,181,066</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12,181,066</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,041,287,185</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,053,468,251</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
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<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

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

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">Level 1</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">Level 2</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">Level 3</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom">Total</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivative Financial Instruments<SUP>2</SUP></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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; width: 40%">Liabilities:</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Interest rate contracts</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(926,003</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(926,003</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
</TABLE>
<BR>
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<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Pennsylvania Strategic Municipal Trust (BPS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Pennsylvania &#151; 117.8%</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Corporate &#151; 4.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Beaver County IDA, Refunding RB, FirstEnergy, Mandatory</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Put Bonds, 3.38%, 1/01/35 (a)</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 200</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 203,886</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Refunding Amtrak Project, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">166,910</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series A, Aqua Pennsylvania, Inc. Project, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT, 6.75%, 10/01/18</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">753,390</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Aqua Pennsylvania, Inc. Project, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">AMT, 5.00%, 12/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">180</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">192,966</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,317,152</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>County/City/Special District/School District &#151; 15.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Philadelphia Pennsylvania, GO, Refunding, Series A</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGC), 5.00%, 8/01/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">370</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">411,647</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Pittsburgh Pennsylvania, GO, Refunding, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">125</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">139,564</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Pennsylvania, GO, 1st Series,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,710</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,036,883</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of York Pennsylvania, GO, Refunding,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 3/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">109,548</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Falls Township Pennsylvania, RB, Water &amp; Sewer Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">219,126</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Marple Newtown School District, GO (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">697,266</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Owen J. Roberts School District, GO, 4.75%, 11/15/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">700</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">774,312</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philadelphia School District, GO, Series E, 6.00%, 9/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">113,362</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philipsburg Osceola Area School District Pennsylvania, GO</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGM), 5.00%, 4/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">155</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">162,304</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,664,012</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Education &#151; 15.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Adams County IDA, Refunding RB, Gettysburg College:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">113,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">112,975</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cumberland County Municipal Authority, RB, AICUP</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Financing Program, Dickinson College Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">217,718</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware County Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Haverford College, 5.00%, 11/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">415</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">457,990</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Villanova University, 5.25%, 12/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">112,703</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;Drexel University, Series A (NPFGC), 5.00%, 5/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">158,862</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Thomas Jefferson University, 5.00%, 3/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,082,030</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Pennsylvania Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.00%, 8/15/39 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">265</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">265,209</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Pennsylvania Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/42 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">229,230</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Drexel University, Series A, 5.25%, 5/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,295,274</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">State System of Higher Education, Series AL,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">112,557</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Pittsburgh Pennsylvania, RB, Capital Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 9/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">610</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">715,432</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,873,955</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Health &#151; 40.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Allegheny County Hospital Development Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health System, West Penn, Series A, 5.38%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">330</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">275,039</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Allegheny County Hospital Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Health System, West Penn, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">212,550</TD></TR></TABLE><BR>
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Pennsylvania (continued)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Health (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Berks County Municipal Authority, Refunding RB, Reading</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hospital &amp; Medical Center Project, Series A-3,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.50%, 11/01/31</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 500</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 566,895</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bucks County IDA, Refunding RB, Pennswood Village</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Project, Series A, 6.00%, 10/01/12 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,188,790</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Centre County Hospital Authority, RB, Mount Nittany</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Medical Center Project, 7.00%, 11/15/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">390</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">458,589</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cumberland County Municipal Authority, RB, Diakon</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lutheran, 6.38%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">535,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Dauphin County General Authority, Refunding RB, Pinnacle</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health System Project, Series A, 6.00%, 6/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">549,505</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Franklin County IDA Pennsylvania, RB, Chambersburg</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hospital Project, 5.38%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">415</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">436,381</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lehigh County General Purpose Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Saint Luke's Bethlehem Hospital, 5.38%, 8/15/13 (c)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,130,740</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Montgomery County IDA Pennsylvania, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Acts Retirement Life Community, 5.25%, 11/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,250,550</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 4.50%, 11/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">343,695</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, University of Pittsburgh Medical Center,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series E, 5.00%, 5/15/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,086,070</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philadelphia Hospitals &amp; Higher Education Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, Refunding RB, Children's Hospital of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philadelphia, Series C, 5.00%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">940</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,015,256</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Fork Municipal Authority, Refunding RB, Conemaugh</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Valley Memorial, Series B (AGC), 5.38%, 7/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">245</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">265,247</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Southcentral General Authority, Refunding RB, Wellspan</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Obligor Group, Series A, 6.00%, 6/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,425,262</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Union County Hospital Authority, Refunding RB, Evangelical</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Community Hospital Project, 7.00%, 8/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">460</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">519,073</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">12,258,677</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Housing &#151; 12.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Philadelphia Pennsylvania, ARB, Series A, AMT</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGM), 5.00%, 6/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,183,948</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania HFA, RB, Series 95-A, AMT, 4.90%, 10/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">970</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">979,380</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania HFA, RB, AMT, Series 94-A, 5.10%, 10/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">153,246</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania HFA, Refunding RB, Series 97A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.65%, 10/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,313,403</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania HFA, Refunding RB, AMT:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">S/F Mortgage, Series 92-A, 4.75%, 4/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">105</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">106,022</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 99A, 5.15%, 4/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">219,440</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,955,439</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>State &#151; 6.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Pennsylvania, GO, First Series:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 3/15/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">275</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">320,628</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,378,818</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State Public School Building Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harrisburg School District Project, Series A (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">267,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,967,346</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Transportation &#151; 18.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Philadelphia Pennsylvania, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,325</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,383,353</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware River Port Authority, RB, Series D,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">805,223</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, 5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">153,741</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Enhanced Turnpike Subordinate Special Revenue,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 12/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">215</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">235,197</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AMBAC), 5.25%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">870</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">945,751</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 5.13%, 12/01/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">112,290</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 6.00%, 12/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">111,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series B, 5.25%, 12/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">325</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">352,222</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 48%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Pennsylvania Strategic Municipal Trust (BPS)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 48%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Pennsylvania (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Transportation (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.25%, 6/01/24</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 250</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 286,435</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">535,670</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Southeastern Pennsylvania Transportation Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Capital Grant Receipts:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">290</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">323,837</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">385</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">428,655</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">5,673,409</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Utilities &#151; 4.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Philadelphia Pennsylvania, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Ninth Series, 5.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">280,041</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 1/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">108,038</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C (AGM), 5.00%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">350</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">380,527</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lycoming County Water &amp; Sewer Authority, RB (AGM),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">100</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">105,256</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">American Water Co. Project, 6.20%, 4/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">242,756</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philadelphia Biosolids Facility, 6.25%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">185</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">202,275</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,318,893</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Total Municipal Bonds in Pennsylvania</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">36,028,883</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Guam &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>County/City/Special District/School District &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Territory of Guam, Limited Obligation Bonds, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid">Section 30, Series A, 5.63%, 12/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">150</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">159,056</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Puerto Rico &#151; 9.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>State &#151; 6.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Puerto Rico, GO, Refunding,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series C-7 (NPFGC), 6.00%, 7/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">429,375</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Public Buildings Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Government Facilities, Series N, 5.00%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">301,335</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB, First</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sub-Series A, 6.38%, 8/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,163,200</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,893,910</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Utilities &#151; 3.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Aqueduct &amp; Sewer Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A, 6.00%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">211,684</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Electric Power Authority, RB, Series WW,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 7/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">514,160</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Electric Power Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/42 (b)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">190</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">189,692</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">915,536</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds in Puerto Rico</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,809,446</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Total Municipal Bonds &#151; 127.5%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">38,997,385</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="border-top: rgb(57,76,135) 4pt solid; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to<BR> Tender Option Bond Trusts (d)</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Pennsylvania &#151; 34.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Education &#151; 8.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, University of Pennsylvania Health System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 8/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">850</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">972,952</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Higher Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Trustees of the University of Pennsylvania,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 4.75%, 7/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">520,330</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (d)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Pennsylvania (concluded)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Education (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Pennsylvania State University, RB, 5.00%, 3/01/40</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,000</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 1,101,260</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,594,542</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Health &#151; 13.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Geisinger Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.13%, 6/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">545,670</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.25%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,091,406</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A-1, 5.13%, 6/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,269,655</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Philadelphia Hospitals &amp; Higher Education Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, Refunding RB, Jefferson Health System,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 5/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,071,010</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,977,741</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Housing &#151; 6.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania HFA, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">S/F, Mortgage Revenue, 4.85%, 10/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">780</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">805,054</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 105C, 5.00%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">521,955</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series 96-A, AMT, 4.70%, 10/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">490</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">493,092</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,820,101</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>State &#151; 6.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Pennsylvania, GO, First Series,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 3/15/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">825</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">967,304</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike Commission, RB, Series C of 2003</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,089,360</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,056,664</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Tender Option Bond Trusts in Pennsylvania</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">10,449,048</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Puerto Rico &#151; 1.1%</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>State &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">S/F Mortgage, Senior Series C, 5.25%, 8/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">300</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">328,260</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Tender Option Bond Trusts &#151; 35.3%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">10,777,308</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>(Cost &#151; $46,244,003) &#151; 162.8%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; padding-right: 4">49,774,693</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">BIF Pennsylvania Municipal Money Fund, 0.00% (e)(f)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,862,600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,862,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $1,862,600) &#151; 6.1%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,862,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $48,106,603) &#151; 168.9%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">51,637,293</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Other Assets Less Liabilities &#151; 1.8%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">553,614</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (17.3)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(5,286,237)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>AMPS, at Redemption Value &#151; (53.4)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(16,325,850)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 30,578,820</TD></TR>                                                                                                                                                     <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(a)</TD><TD STYLE="width: 4pt">&nbsp;</TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Bank of America Merrill Lynch</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">494,439</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Morgan Stanley &amp; Co., Inc.</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">189,692</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,041</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 51%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 48%"><FONT STYLE="font-size: 9pt; color: #394c87"><B>BlackRock
     Pennsylvania Strategic Municipal Trust (BPS)</B></FONT></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">(e)</TD><TD STYLE="width: 5pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 25%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 24%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 25%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">BIF Pennsylvania</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 16%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 11%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; width: 25%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Municipal Money</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 16%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 11%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 24px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 25%; border-bottom: Black 1px solid">Fund</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1,311,773</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 16%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">550,827</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1,862,600</TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 11%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">&#151;</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>For Trust compliance purposes, the Trust&#145;s sector classifications refer to any
one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or
as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications
for reporting ease.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Financial futures contracts sold as of April 30, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Contracts</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Expiration</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Notional <BR>
Value</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B> Unrealized<BR>
Depreciation</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">22</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">10-Year US</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">Chicago Board</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">June</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 16%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$2,910,188 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$ (32,448)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt">Changes
in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with investing in those securities.
For information about the Trust'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.</P>
<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt">The
following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust's investments and
derivative financial instruments:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 12px">Investments<SUP>1</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">49,774,693</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">49,774,693</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,862,600</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,862,600</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,862,600</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">49,774,693</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">51,637,293</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>See above Schedule of Investments for values in each state or political subdivision.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; width: 40%; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; width: 3%; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; width: 1%; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 10%; vertical-align: bottom; border-top: Black 1px solid"><B>Level 1</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 1%; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; width: 3%; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 1%; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 10%; vertical-align: bottom; border-top: Black 1px solid"><B>Level 2</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 1%; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; width: 3%; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 1%; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 10%; vertical-align: bottom; border-top: Black 1px solid"><B>Level 3</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; width: 1%; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; width: 3%; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; width: 1%; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 10%; vertical-align: bottom; border-top: Black 1px solid"><B>Total</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; width: 1%; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivative Financial Instruments<SUP>2</SUP></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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Interest</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">rate</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; text-indent: 12px">contracts</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(32,448</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(32,448</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT STYLE="color: #394c87">Schedule
     of Investments <FONT STYLE="font-size: 10pt">April 30, 2012</FONT></FONT></TD>
     <TD STYLE="width: 44%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 55%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 44%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alabama State Docks Department, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">6.00%, 10/01/40</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 655</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 724,161</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Jefferson Alabama, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/19</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">465</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">458,802</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,182,963</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alaska &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Northern Tobacco Securitization Corp., RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Asset-Backed, Series A, 4.63%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">785</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">776,585</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.00%, 6/01/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">480</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">363,389</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,139,974</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,320</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,339,074</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Luis Facility Development Corp., RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Regional Detention Center Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 5/01/15</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">135</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">132,956</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.00%, 5/01/20</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">210,989</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.25%, 5/01/27</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">420</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">390,172</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,073,191</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 8.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area Toll Authority, Refunding RB, San Francisco</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bay Area, Series F-1, 5.63%, 4/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">720</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">807,170</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California County Tobacco Securitization Agency, RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Stanislaus, Sub-Series C, 10.51%, 6/01/55 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,095</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">37,480</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Health Facilities Financing Authority, RB, Sutter</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health, Series B, 6.00%, 8/15/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,010</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,183,952</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California State Public Works Board, RB, Various Capital</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Projects, Sub-Series I-1, 6.38%, 11/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">437,925</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Statewide Communities Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series A, 5.00%, 4/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">736,113</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 5/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">275,453</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Los Angeles Department of Airports, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior, Los Angeles International Airport, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 5/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,875</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,036,381</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Foothill Eastern Transportation Corridor Agency, California,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, CAB, 6.21%, 1/15/33 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,835</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,080,205</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of California, GO, Various Purpose:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 3/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">951,688</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 4/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">650</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">792,090</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">960</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,022,285</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">9,360,742</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, Refunding RB, Catholic</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health, Series A, 5.50%, 7/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">760,968</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Creek Metropolitan District Colorado, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior, Limited Tax, Property Tax, 5.50%, 12/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">440</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">461,881</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Regional Transportation District, COP, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 6/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">320</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">355,971</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,578,820</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Delaware &#151; 2.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sussex Delaware, RB, NRG Energy, Inc., Indian</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">River Project, 6.00%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">820</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">887,912</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Delaware State EDA, RB, Exempt Facilities, Indian River</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Power, 5.38%, 10/01/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,280</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,321,485</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,209,397</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>District of Columbia &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">District of Columbia, Tax Allocation Bonds, City Market</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">O Street Project, Tax Increment Revenue, 5.13%, 6/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">719,021</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Washington Airports Authority, RB, First Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">160</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">171,240</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,076,210</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,966,471</TD></TR></TABLE><BR>
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Florida &#151; 7.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Highlands County Florida Health Facilities Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Adventist, Series G, 5.13%, 11/15/32 (b)</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,000</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,053,920</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hillsborough County IDA, RB, National Gypsum Co.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, AMT, 7.13%, 4/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,268,485</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Miami Beach Health Facilities Authority, RB, Mount Sinai</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Medical Center of Florida, 6.75%, 11/15/21</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,095</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,192,389</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">720</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">834,603</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sumter Landing Community Development District Florida,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Sub-Series B, 5.70%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,515</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,315,035</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">7,664,432</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Georgia &#151; 1.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">DeKalb Private Hospital Authority, Refunding RB, Children&#146;s</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Healthcare, 5.25%, 11/15/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">265</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">286,558</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Atlanta Rapid Transit Authority, RB, Third</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series, 5.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,095</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,188,173</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,474,731</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Hawaii &#151; 0.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Hawaii, Refunding RB, Series A, 5.25%, 7/01/30</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">425</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">468,852</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Illinois &#151; 15.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago Board of Education Illinois, GO:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 12/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">625</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">706,456</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 12/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">205</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">220,506</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chicago O&#146;Hare International Airport, GARB, Third Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 1/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,717,815</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, RB, General Third Lien, Series C,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 1/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,855</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,224,906</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, RB, O&#146;Hare International Airport,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">General Third Lien, Series A, 5.63%, 1/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">800</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">915,192</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois, Refunding RB, Sales Tax Receipt</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Revenue, Series A, 5.25%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">260</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">289,364</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Chicago Illinois Transit Authority, RB, Sales Tax</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Receipt Revenue, 5.25%, 12/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">330</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">365,894</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">MJH Education Assistance IV LLC, Sub-Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 6/01/35 (c)(d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">300</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">29,991</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Northwestern University, 5.00%, 12/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,631,950</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Illinois Finance Authority, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/37 (e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">305</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">331,514</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/42 (e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">555</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">600,027</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central DuPage Health, Series B, 5.50%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,735,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Friendship Village Schaumburg, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.63%, 2/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">145</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">130,860</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Series B (AGM), 5.45%, 6/15/44 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,980</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">529,695</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Pier &amp; Exposition Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">McCormick Place Expansion Project (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 6/15/50</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">990</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,031,194</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B-2, 5.00%, 6/15/50</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">785</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">817,389</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Railsplitter Tobacco Settlement Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">175</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">199,985</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 6/01/28</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">940</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,066,674</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Illinois, RB, Build Illinois, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 6/15/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">200</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">220,040</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">16,765,352</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana &#151; 2.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, RB, First Lien, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 10/01/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">557,360</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Wastewater Utility, RB, Sisters</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">of St. Francis Health, 5.25%, 11/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">290,423</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Finance Authority, Wastewater Utility, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health Senior Credit, Series B-5,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">522,895</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Health Facility Financing Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Methodist Hospital, Inc., 5.38%, 9/15/22</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,060</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,060,085</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 33 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Indiana (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Indiana Municipal Power Agency, RB, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">6.00%, 1/01/39</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 350</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 400,953</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,831,716</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Iowa &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Iowa Student Loan Liquidity Corp., Refunding RB, Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A-1, AMT, 5.15%, 12/01/22</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">625</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">695,231</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kansas &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kansas Development Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Sisters of Leavenworth, Series A, 5.00%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">450</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">479,444</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Kentucky &#151; 3.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kentucky Economic Development Finance Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Norton Healthcare, Inc., Series B (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.72%, 10/01/24 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,801,900</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Owensboro Medical Health System, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.38%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">320</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">366,109</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,168,009</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Louisiana &#151; 2.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Louisiana Local Government Environmental Facilities &amp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Community Development Authority, RB, Westlake</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Chemical Corp., Series A-1, 6.50%, 11/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,055</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,184,100</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Parish of Saint John the Baptist Louisiana, RB, Marathon</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oil Corp., Series A, 5.13%, 6/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,036,180</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,220,280</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maine &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maine State Turnpike Authority, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">280</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">312,614</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Maryland &#151; 2.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, RB, Transportation Facilities Project,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.75%, 6/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">135</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">143,180</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 9/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,046,720</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Maryland Health &amp; Higher Educational Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charlestown Community, 6.25%, 1/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">690</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">766,942</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 11/15/51 (e)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,040</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,122,659</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,079,501</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Development Finance Agency, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wellesley College Issue, Series J, 5.00%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">570</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">644,168</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Partners Healthcare, Series J1,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">570</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">607,757</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,251,925</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Michigan &#151; 4.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Detroit Michigan, Water Supply System, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A, 5.25%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,529,415</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Kalamazoo Hospital Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Bronson Methodist Hospital, 5.50%, 5/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">435</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">470,470</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Lansing Board of Water &amp; Light, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">465</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">537,386</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Michigan State Hospital Finance Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Henry Ford Health System, Series A, 5.25%, 11/15/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">730</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">754,915</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Royal Oak Hospital Finance Authority Michigan, Refunding</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, William Beaumont Hospital, 8.25%, 9/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,271,680</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,563,866</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Minnesota &#151; 2.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">City of Rochester Minnesota, RB, 4.00%, 11/15/41</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 865</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 857,578</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Securitization Authority Minnesota, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement, Series B:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/25</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,415</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,593,644</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 3/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">595</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">654,452</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,105,674</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Missouri &#151; 0.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Missouri State Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Living Facilities, Lutheran Senior Home,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">330</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">339,402</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nebraska &#151; 1.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Plains Energy Project Nebraska, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 9/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">260</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">270,296</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 9/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">455</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">456,429</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Douglas County Hospital Authority No. 2, RB, Health</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Facilities, Immanuel Obligation Group, 5.63%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">720</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">782,208</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,508,933</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Nevada &#151; 0.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Clark Nevada, Refunding RB, Alexander Dawson</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">School Nevada Project, 5.00%, 5/15/29</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">880</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">915,191</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Jersey &#151; 6.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Middlesex County Improvement Authority, RB, Subordinate</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Heldrich, Center Hotel, Series B, 6.25%, 1/01/37 (c)(d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">645</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">57,399</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, Cigarette Tax, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/15/24</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">305</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">337,537</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey EDA, RB, AMT Continental Airlines, Inc. Project,:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.63%, 9/15/12</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">507,765</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.40%, 9/15/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,810</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,814,344</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey State Turnpike Authority, RB, Series E,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,355</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,494,050</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Jersey Transportation Trust Fund Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation System:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A, 5.50%, 6/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">575</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">655,466</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.25%, 6/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">775</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">866,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tobacco Settlement Financing Corp. New Jersey,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Series 1A, 4.50%, 6/01/23</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">785</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">742,272</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,474,833</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 5.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Albany Industrial Development Agency, RB, New Covenant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Charter School Project, Series A, 7.00%, 5/01/35 (c)(d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">315</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">72,447</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Metropolitan Transportation Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Transportation, Series D, 5.25%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">421,271</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Industrial Development Agency, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">American Airlines, Inc., JFK International Airport, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.75%, 8/01/31 (b)(c)(d)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,059,970</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">British Airways Plc Project, 7.63%, 12/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,032,500</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Second Priority, Bank of America Tower at One Bryant</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Park Project, 6.38%, 7/15/49</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">385</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">428,632</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">JFK International Air Terminal:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">410</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">459,114</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 12/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">395</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">437,802</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,911,736</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>North Carolina &#151; 0.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Carolina Medical Care Commission, RB, Duke</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">University Health System, Series A, 5.00%, 6/01/42</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">440</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">473,365</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Ohio &#151; 1.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Montgomery Ohio, Refunding RB, Catholic</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Healthcare, Series A, 5.00%, 5/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">885</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">933,056</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Ohio, RB, Ford Motor Co. Project, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 4/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,005,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,938,056</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 34 -->
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Oregon &#151; 1.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Tigard Washington County Oregon, RB, Water</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">System (e):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">5.00%, 8/01/37</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 80</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 89,382</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">95</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">105,882</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Oregon State Facilities Authority, New Student, HRB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGC), 5.00%, 7/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">715</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">740,919</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CHF-Ashland LLC - Southern Oregon University Project</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">(AGC), 4.70%, 7/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">595</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">615,599</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,551,782</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Allegheny County Hospital Development Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Refunding RB, Health System West Penn, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">735</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">612,586</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Pennsylvania Economic Development Financing Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">600</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">654,624</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,267,210</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Puerto Rico &#151; 4.4%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Commonwealth of Puerto Rico, GO, Refunding, Public</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Improvement, Series A, 5.00%, 7/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">989,330</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Commonwealth Aqueduct &amp; Sewer Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.13%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">110</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">109,760</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 7/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">180</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">179,446</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., RB, Sub-Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.50%, 8/01/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,770</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,075,236</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 5.61%, 8/01/39 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">5,910</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,308,415</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">4,662,187</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>South Carolina &#151; 4.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina Jobs, EDA, RB, Palmetto Health, Series C (f):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.00%, 8/01/13</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,225</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,407,228</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">7.00%, 8/01/13</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">275</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">297,704</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Ports Authority, RB, 5.25%, 7/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,040</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,141,941</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">South Carolina State Public Service Authority, RB, Santee</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Cooper Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series C, 5.00%, 12/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">490</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">544,346</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series D, 5.00%, 12/01/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">660</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">721,769</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">5,112,988</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Tennessee &#151; 0.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Rutherford County Health &amp; Educational Facilities Board,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series C, 5.00%, 11/15/47 (e)</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">65</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">70,166</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 13.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Brazos River Authority, RB, TXU Electric, Series A, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">8.25%, 10/01/30</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">730</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">109,288</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority, RB, Senior Lien,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.25%, 1/01/46</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">680</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">749,707</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Dallas Texas, Refunding RB, 5.00%, 10/01/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">475</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">534,670</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Houston Texas, Refunding RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Combined, First Lien, Series A (AGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 11/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,730</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">3,269,339</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Series A, 5.50%, 7/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">485</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">535,265</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County-Houston Sports Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Senior Lien, Series A (NPFGC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.27%, 11/15/38 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,750</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">922,688</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">La Vernia Higher Education Finance Corp., RB, KIPP, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.38%, 8/15/44</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">560,985</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">North Texas Tollway Authority, RB:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">CAB, Special Projects System, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.70%, 9/01/37 (a)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">640</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">153,946</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Toll, 2nd Tier, Series F, 6.13%, 1/01/31</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,025</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,127,971</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tarrant County Cultural Education Facilities Finance Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Scott &amp; White Healthcare, 6.00%, 8/15/45</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,270</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,459,255</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-indent: 5px; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Senior Lien:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">LBJ Infrastructure Group LLC, LBJ Freeway Managed</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">Lanes Project, 7.00%, 6/30/40</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 1,355</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif"> 1,576,217</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">NTE Mobility Partners LLC, North Tarrant Express</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Managed Lanes Project, 6.88%, 12/31/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">573,445</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas State Public Finance Authority, RB, Charter School</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Finance Corp., Cosmos Foundation, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 2/15/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,270,112</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Texas State Public Finance Authority, Refunding ERB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">KIPP, Inc., Series A (ACA), 5.00%, 2/15/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">504,650</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Texas System, Refunding RB, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">970</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,108,303</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">14,455,841</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 6.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Norfolk Virginia, Refunding RB, Series B (AMBAC),</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 2/01/31 (f)</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">355</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">355,263</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Fairfax County EDA, Refunding RB, Goodwin House, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.13%, 10/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,000</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,008,190</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Virginia, Refunding RB, General,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,757,600</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Virginia Small Business Financing Authority, RB, AMT,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Senior Lien, Elizabeth River Crossings Project:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.25%, 1/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">250</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">256,722</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">6.00%, 1/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,629,540</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.50%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">365</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">375,512</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">6,382,827</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Washington Health Care Facilities Authority, RB, Swedish</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health Services, Series A, 6.75%, 11/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">630</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">802,702</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wisconsin &#151; 2.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wisconsin Health &amp; Educational Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Ascension Health Credit Group, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/15/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,165</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">2,298,365</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Wyoming &#151; 1.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Sweetwater Wyoming, Refunding RB, Idaho</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Power Co. Project, 5.25%, 7/15/26</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">975</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,096,514</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Wyoming Municipal Power Agency, RB, Series A:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">95</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">100,679</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.38%, 1/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">539,005</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">1,736,198</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Total Municipal Bonds &#151; 117.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid">123,494,967</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Municipal Bonds Transferred to <BR> Tender Option Bond Trusts (g)</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Alabama &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Alabama Special Care Facilities Financing Authority-</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Birmingham, Refunding RB, Ascension Health Senior</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Credit, Series C-2, 5.00%, 11/15/36</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">760</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">794,166</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Arizona &#151; 0.8%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Salt River Project Agricultural Improvement &amp; Power District,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Series A, 5.00%, 1/01/38</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">770</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">834,995</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California &#151; 6.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">California Educational Facilities Authority, RB, University of</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Southern California, Series A, 5.25%, 10/01/39</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">855</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">970,057</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Los Angeles Community College District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2001, Series A (AGM), 5.00%, 8/01/32</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">740</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">830,990</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Diego Community College District California, GO,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Election of 2002, 5.25%, 8/01/33</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">553</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif">635,144</TD></TR></TABLE><BR>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
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<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (continued)</FONT></TD>
     <TD STYLE="width: 43%; border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 43%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><B><FONT COLOR=#394c87>(Percentages shown are based on Net Assets)</FONT></B></TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (g)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>California (concluded)</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">San Francisco City &amp; County Public Utilities Commission,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">RB, Series B, 5.00%, 11/01/39</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 6%">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; width: 10%"> 2,970</TD>
     <TD STYLE="width: 6%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="width: 9%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 3,280,306</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of California, RB, Limited Project, Series B,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">4.75%, 5/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,290</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,318,792</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">7,035,289</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Colorado &#151; 2.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Colorado Health Facilities Authority, RB, Catholic</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Health (AGM):</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">C-3, 5.10%, 10/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,210</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,267,862</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">C-7, 5.00%, 9/01/36</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">780</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">818,711</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,086,573</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Connecticut &#151; 3.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Connecticut State Health &amp; Educational Facility Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Yale University:</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series T-1, 4.70%, 7/01/29</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,580</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,794,311</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series X-3, 4.85%, 7/01/37</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,540</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,707,290</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,501,601</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Massachusetts &#151; 3.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts School Building Authority, RB, Senior,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series B, 5.00%, 10/15/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,430</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,602,658</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Massachusetts Water Resources Authority, Refunding RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">General, Series A, 5.00%, 8/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,980</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,170,813</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,773,471</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New Hampshire &#151; 0.7%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New Hampshire Health &amp; Education Facilities Authority,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">RB, Dartmouth College, 5.25%, 6/01/39</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">645</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">741,002</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>New York &#151; 12.0%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hudson New York Yards Infrastructure Corp., RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.75%, 2/15/47</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">500</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">564,235</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Municipal Water Finance Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series FF-2, 5.50%, 6/15/40</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">510</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">582,646</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York City Transitional Finance Authority, RB, Future</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax Secured Revenue, Sub-Series E-1, 5.00%, 2/01/42</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">780</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">866,212</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., RB, 1 World Trade</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Center Port Authority Construction, 5.25%, 12/15/43</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">3,375</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,792,319</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York Liberty Development Corp., Refunding RB, 4</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">World Trade Center Project, 5.75%, 11/15/51</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,030</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,304,273</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">New York State Dormitory Authority, ERB, Series</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">F, 5.00%, 3/15/35</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">4,184</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">4,535,760</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">12,645,445</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Tennessee &#151; 1.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Shelby County Health Educational &amp; Housing Facilities</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Board, Refunding RB, St. Jude&#146;s Children&#146;s Research</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Hospital, 5.00%, 7/01/31</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,280</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,354,330</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Texas &#151; 3.3%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">County of Harris Texas, RB, Senior Lien, Toll Road, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/38</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,140</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,326,244</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Harris County Metropolitan Transit Authority, RB, Series A,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 11/01/41</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,080</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,191,629</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,517,873</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Utah &#151; 1.2%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">City of Riverton Utah, RB, IHC Health Services, Inc.,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 8/15/41</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,155</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,237,613</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Virginia &#151; 1.9%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">University of Virginia, Refunding RB, General,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 6/01/40</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,785</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">1,968,483</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>Municipal Bonds Transferred to</B><BR>
<B>Tender Option Bond Trusts (g)</B></TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid"><B>Par</B><BR>
<B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"><B>Value</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Washington &#151; 3.5%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">Central Puget Sound Regional Transit Authority, RB,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Series A (AGM), 5.00%, 11/01/32</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"> 900</TD>
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4"> 1,011,410</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">State of Washington, GO, Various Purpose, Series E,</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 6px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">5.00%, 2/01/34</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">2,400</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,728,560</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,739,970</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds Transferred to</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Tender Option Bond Trusts &#151; 41.0%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">43,230,811</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Long-Term Investments</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><B>(Cost &#151; $156,383,514) &#151; 158.3%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 2px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4; border-bottom: Black 2px solid">166,725,778</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
     <TD COLSPAN="5" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif"><B>Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><B>Shares</B></TD>
     <TD COLSPAN="2" STYLE="border-top: rgb(57,76,135) 4pt solid; border-bottom: Black 2px solid; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Money Market Funds &#151; 1.1%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 68%">FFI Institutional Tax-Exempt Fund, 0.09% (h)(i)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 6%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 10%; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">1,161,303</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 6%; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; width: 9%; padding-right: 4">1,161,303</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; vertical-align: bottom"><B>Par</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; vertical-align: bottom"><B>(000)</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Pennsylvania &#151; 2.6%</FONT></B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Beaver County IDA, Refunding RB, 0.17%, 5/01/12 (j)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12"> 2,700</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">2,700,000</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Short-Term Securities</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>(Cost &#151; $3,861,303) &#151; 3.7%</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">3,861,303</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Total Investments (Cost &#151; $160,244,817) &#151; 162.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">170,587,081</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Other Assets Less Liabilities &#151; 0.6%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">657,168</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Liability for TOB Trust Certificates, Including Interest</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Expense and Fees Payable &#151; (21.9)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(23,035,747)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>VMTP Shares, at Liquidation Value &#151; (40.7)%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="border-bottom: #000000 1px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 0">(42,900,000)</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shares &#151; 100.0%</B></TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">$</TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">105,308,502</TD></TR>                                                                                                                                                     <TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 12; border-bottom: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif; padding-right: 4">&nbsp;</TD></TR>
</TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(a)</TD><TD STYLE="width: 4pt">&nbsp;</TD><TD>Represents a zero-coupon bond. Rate shown reflects the current yield as of report
date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(b)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(c)</TD><TD STYLE="width: 4pt"></TD><TD>Issuer filed for bankruptcy and/or is in default of interest payments.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(d)</TD><TD STYLE="width: 4pt"></TD><TD>Non-income producing security.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(e)</TD><TD STYLE="width: 4pt"></TD><TD>When-issued security. Unsettled when-issued transactions were as follows:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Value</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Unrealized<BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Morgan Stanley &amp; Co., Inc.</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,124,366</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">19,676</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Wells Fargo Bank NA</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">195,264</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,311</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(f)</TD><TD STYLE="width: 4pt"></TD><TD>US government securities, held in escrow, are used to pay interest on this security,
as well as to retire the bond in full at the date indicated, typically at a premium to par.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(g)</TD><TD STYLE="width: 4pt"></TD><TD>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.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(h)</TD><TD STYLE="width: 4pt"></TD><TD>Investments in companies considered to be an affiliate of the Trust during the year,
for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Affiliate</B></TD>
     <TD STYLE="width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2011</B></TD>
     <TD STYLE="width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Net</B><BR>
<B>Activity</B></TD>
     <TD STYLE="width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Shares Held at</B><BR>
<B>April 30,</B><BR>
<B>2012</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; width: 12%; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Income</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">FFI Institutional</TD>
     <TD STYLE="width: 22%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 17%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 23%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
     <TD STYLE="width: 12%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; width: 24%; text-align: left; font-family: Arial, Helvetica, Sans-Serif">Tax-Exempt Fund</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 22%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1,457,085</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">(295,782)</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 23%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1,161,303</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 12%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">$ 811</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(i)</TD><TD STYLE="width: 4pt"></TD><TD>Represents the current yield as of report date.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">(j)</TD><TD STYLE="width: 4pt"></TD><TD>Variable rate security. Rate shown is as of report date and maturity shown is the
date the principal owed can be recovered through demand.</TD>
</TR></TABLE>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; 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 -->36<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="width: 56%; border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Schedule of Investments (concluded)</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right; width: 43%"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Financial futures contracts sold as of April 30, 2012 were as follows:</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Contracts</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Issue</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Exchange</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid"><B>Expiration</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Notional <BR>
Value</B></TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1px solid; border-bottom: Black 1px solid"><B> Unrealized<BR>
Depreciation</B></TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="text-indent: 12px; text-align: left; font-family: Arial, Helvetica, Sans-Serif">92</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">10-Year US</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">Chicago Board</TD>
     <TD STYLE="text-align: center; font-family: Arial, Helvetica, Sans-Serif">June</TD>
     <TD COLSPAN="2" STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif">
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">Treasury Note</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 20%">of Trade</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif; width: 15%">2012</TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 18%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$12,169,875 </TD>
     <TD STYLE="border-bottom: #000000 1px solid; width: 17%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$ (152,019)</TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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:</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>Level 1 &#151; unadjusted price quotations in active markets/exchanges for identical
assets and liabilities</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt; text-align: right">&#149;</TD><TD STYLE="width: 4pt"></TD><TD>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)</TD>
</TR></TABLE>

<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt; margin-bottom: 0pt">Changes in valuation techniques may result in transfers into 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 is not necessarily an indication of the risks associated with 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.</P>
<P STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; margin-left: 20pt; margin-top: 6pt">The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust&#146;s investments and derivative financial instruments:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 12px">Investments<SUP>1</SUP></TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">166,725,778</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">166,725,778</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,161,303</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,700,000</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,861,303</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,161,303</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">169,425,778</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">170,587,081</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">See above Schedule of Investments for values in each
state or political subdivision.</FONT></TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">Valuation Inputs</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Level 3</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Derivative Financial Instruments<SUP>2</SUP></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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities:</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; border-bottom: Black 1px solid">Interest rate contracts</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">(152,019</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">(152,019</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">)</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="width: 4pt"></TD><TD><FONT STYLE="font-size: 10pt">Derivative financial instruments are financial futures
contracts, which are valued at the unrealized appreciation/depreciation on the instrument.</FONT></TD>
</TR></TABLE>
<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_007"></A>Statements of Assets and Liabilities</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">April 30, 2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Investment<BR> Quality<BR>
    Municipal Trust Inc.<BR> (BKN)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Long-Term<BR> Municipal<BR>
    Advantage Trust<BR> (BTA)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Municipal<BR> 2020
    Term Trust<BR> (BKK)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Municipal<BR> Income
    Trust<BR> (BFK)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Pennsylvania<BR>
    Strategic<BR> Municipal Trust<BR> (BPS)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR> Strategic<BR> Municipal<BR>
    Trust<BR> (BSD)</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 7pt">Investments at value &#151; unaffiliated<SUP>1</SUP></FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">404,358,081</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">257,608,111</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">500,818,618</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">1,041,287,185</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">49,774,693</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">169,425,778</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investments at value &#151; affiliated<SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,510,968</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,415,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,693,013</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">12,181,066</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,862,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,161,303</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Cash</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">169,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Cash pledged as collateral for financial futures contracts</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">386,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">70,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">741,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">30,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">122,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investments sold receivable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">20,557,799</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">470,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,481,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">18,043,699</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,984</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,878,469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">TOB trust receivable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">730,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Interest receivable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,171,710</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,843,438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,564,428</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">14,317,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">700,121</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,286,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Deferred offering costs</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">118,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">294,453</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">103,530</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Prepaid expenses</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">19,178</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">21,829</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">42,290</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">49,164</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,589</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">14,248</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total assets</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">435,122,504</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">265,428,878</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">514,769,724</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,086,913,601</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">53,107,987</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">174,991,381</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Accrued
    Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investments purchased payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">29,163,944</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,205,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,637,235</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">23,137,210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">677,090</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,018,679</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Income dividends payable &mdash; Common Shares</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,437,628</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">884,002</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">68,196</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,575,507</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">154,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">540,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investment advisory fees payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">114,965</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">106,063</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">207,251</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">515,375</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">24,764</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">83,236</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Officer&rsquo;s and Trustees&rsquo; fees payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">56,467</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">16,485</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">45,916</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">206,766</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,834</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">10,401</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Administration fees payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">49,377</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Variation margin payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">36,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">70,125</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Interest expense and fees payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,702</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">83,928</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,152</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">70,272</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,976</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">10,639</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Other accrued expenses payable</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">98,597</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">98,941</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">141,957</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">323,326</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">52,470</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">83,152</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total accrued liabilities</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">30,964,180</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">5,399,248</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">6,103,707</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">27,898,581</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">919,056</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,757,771</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Other
    Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">TOB trust certificates</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">14,883,496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">96,814,568</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,750,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">139,718,451</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,284,261</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">23,025,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">VMTP Shares, at liquidation value of $100,000</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; vertical-align: bottom; padding-left: 6px"><FONT STYLE="font-size: 7pt">per share<SUP>3,4,5</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">125,900,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">270,800,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">42,900,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total other liabilities</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">140,783,496</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">96,814,568</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,750,000</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">410,518,451</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">5,284,261</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">65,925,108</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total Liabilities</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">171,747,676</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">102,213,816</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">9,853,707</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">438,417,032</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">6,203,317</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">69,682,879</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>AMPS
    at Redemption Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$25,000 per share at liquidation preference, </FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; vertical-align: bottom; padding-left: 6px"><FONT STYLE="font-size: 7pt">plus unpaid
    dividends<SUP>3,4,5</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">173,858,030</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">16,325,850</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Net Assets Applicable to
    Common Shareholders</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">263,374,828</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">163,215,062</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">331,057,987</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">648,496,569</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">30,578,820</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">105,308,502</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Net
    Assets Applicable to Common Shareholders Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Paid-in capital<SUP>5,6,7</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">237,807,240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">191,347,696</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">287,584,576</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">606,293,739</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">28,558,416</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">103,492,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Undistributed net investment income</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,945,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,423,757</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">20,835,010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">10,805,006</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">679,703</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,703,769</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Accumulated net realized loss</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(8,615,937</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(41,775,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1,904,339</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(24,362,203</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(2,157,541</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,077,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Net unrealized appreciation/depreciation</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">30,237,932</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">11,218,934</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">24,542,740</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">55,760,027</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,498,242</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">10,190,245</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 7pt">Net Assets Applicable to
    Common Shareholders</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">263,374,828</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">163,215,062</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">331,057,987</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">648,496,569</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">30,578,820</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">105,308,502</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 7pt">Net asset value per Common Share</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">15.39</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">12.19</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">16.36</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">14.53</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">15.07</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">14.43</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>1 </SUP>Investments
    at cost &#151; unaffiliated</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">373,554,985</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">246,326,109</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">476,275,878</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">984,601,155</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">46,244,003</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">159,083,514</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>2 </SUP>Investments
    at cost &#151; affiliated</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">4,510,968</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,415,500</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,693,013</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">12,181,066</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,862,600</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,161,303</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>3 </SUP>Preferred Shares
    outstanding</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,259</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">6,954</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">2,708</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">653</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">429</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>4 </SUP>Preferred Shares
    authorized</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">5,862</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>5 </SUP>Par value per
    Preferred Share and Common Share</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.01</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.001</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.001</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.001</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.001</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">0.001</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>6 </SUP>Common Shares
    outstanding</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">17,114,623</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">13,393,977</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">20,236,628</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">44,638,045</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">2,028,579</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">7,299,515</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 18px"><FONT STYLE="font-size: 7pt"><SUP>7 </SUP>Common Shares
    authorized</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">200
                                                                            million</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">unlimited</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 38 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_008"></A>Statements of Operations</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Year Ended April
    30, 2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Investment<BR> Quality<BR> Municipal Trust Inc.<BR> (BKN)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Long-Term<BR> Municipal<BR> Advantage Trust<BR> (BTA)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Municipal<BR> 2020 Term Trust<BR> (BKK)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Municipal<BR> Income Trust<BR> (BFK)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Pennsylvania<BR> Strategic<BR> Municipal Trust<BR> (BPS)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">BlackRock<BR>
    Strategic<BR> Municipal<BR> Trust<BR> (BSD)</FONT></TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Investment
    Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 7pt">Interest</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">19,832,172</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">12,244,820</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">23,797,704</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">51,052,968</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">2,313,076</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 7pt">7,990,140</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Income &mdash; affiliated</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">4,823</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,347</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">4,096</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">19,737</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">243</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,096</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total income</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">19,836,995</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">12,246,167</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">23,801,800</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">51,072,705</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">2,313,319</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">7,991,236</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Expenses</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investment advisory</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,331,197</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,527,016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,460,826</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,820,395</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">300,526</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">945,190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Administration</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">570,513</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Remarketing fees on Preferred Shares</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">133,378</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">262,027</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">240,531</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">19,083</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">38,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Professional</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">99,731</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">87,039</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">117,404</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">315,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">58,580</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">73,548</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Accounting services</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">75,313</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">32,922</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">70,161</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">93,691</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">19,822</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">44,748</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Officer and Trustees</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">34,812</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">18,443</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">44,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">81,586</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,503</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">13,762</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Transfer agent</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">30,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">12,208</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">33,872</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">46,797</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">17,614</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">20,516</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Printing</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">26,242</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">19,546</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">26,723</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">46,888</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">5,941</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">16,699</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Custodian</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">25,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">10,447</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">28,283</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">45,121</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,463</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">12,249</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Registration</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">15,841</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,389</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">15,453</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">26,396</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">874</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">9,316</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Miscellaneous</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">61,076</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">22,097</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">33,609</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">97,110</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">27,940</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">29,006</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Total expenses excluding interest expense, fees and</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px"><FONT STYLE="font-size: 7pt">amortization of offering costs</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,404,181</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,739,107</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,092,984</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">6,814,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">460,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,203,792</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Interest expense, fees and amortization of
    offering costs<SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">636,645</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">843,697</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">19,962</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,880,335</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">35,588</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">309,752</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Total expenses</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,040,826</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">2,582,804</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,112,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">8,694,629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">495,934</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,513,544</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Less fees waived by advisor</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(2,774</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(419,342</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(2,494</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(7,352</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(2,899</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(1,812</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total expenses after fees waived</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,038,052</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">2,163,462</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">3,110,452</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">8,687,277</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">493,035</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,511,732</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">16,798,943</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">10,082,705</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">20,691,348</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">42,385,428</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">1,820,284</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">6,479,504</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Realized
    and Unrealized Gain (Loss)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Net realized gain (loss) from:</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px"><FONT STYLE="font-size: 7pt">Investments</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,742,521</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(4,081,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">924,765</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">139,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(134,972</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1,571,059</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px"><FONT STYLE="font-size: 7pt">Financial futures contracts</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(1,305,543</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(1,118,397</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(3,686,401</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(177,061</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(643,016</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">2,436,978</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(5,200,160</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">924,765</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(3,547,068</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(312,033</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">928,043</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Net change in unrealized appreciation/depreciation on:</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px"><FONT STYLE="font-size: 7pt">Investments</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">43,379,925</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">27,620,686</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">28,874,406</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">110,061,023</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">4,357,754</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">14,885,439</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px"><FONT STYLE="font-size: 7pt">Financial futures contracts</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(173,684</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">212,757</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">137,892</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(6,179</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">21,356</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">43,206,241</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">27,833,443</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">28,874,406</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">110,198,915</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">4,351,575</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">14,906,795</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Total realized and unrealized gain</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">45,643,219</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">22,633,283</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">29,799,171</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">106,651,847</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">4,039,542</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">15,834,838</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 7pt"><B>Dividends
    to AMPS Shareholders From</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 7pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(210,347</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(397,635</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(430,187</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(37,257</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 7pt">(67,856</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 7pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Net Increase in Net Assets Applicable to Common</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px; text-indent: 12px"><FONT STYLE="font-size: 7pt">Shareholders
    Resulting from Operations</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">62,231,815</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">32,715,988</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">50,092,884</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">148,607,088</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">5,822,569</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 7pt">22,246,486</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="text-align: left; padding-bottom: 2px; text-indent: 12px"><FONT STYLE="font-size: 7pt"><SUP>1 </SUP>Related
to TOBs and/or VMTP Shares.</FONT></P>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_009"></A>Statements of Changes in Net Assets</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">BlackRock Investment Quality<BR> Municipal Trust Inc. (BKN)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>BlackRock Long-Term<BR> Municipal Advantage Trust (BTA)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Increase (Decrease) in Net Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended April 30,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Applicable to Common Shareholders:</B>&nbsp;</FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Operations</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left">Net investment income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16,798,943</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,780,136</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,082,705</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">10,169,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,436,978</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,668,823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,200,160</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,931,085</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net change in unrealized appreciation/depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,206,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,576,488</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,833,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,625,258</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(210,347</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(521,567</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net increase (decrease) in net assets applicable to Common </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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Shareholders resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">62,231,815</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1,350,904</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">32,715,988</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(386,410</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Dividends to Common Shareholders From</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(17,225,903</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(17,199,346</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(10,262,000</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(9,767,868</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Capital Share Transactions</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Reinvestment of common dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">827,499</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">918,594</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">250,652</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">307,466</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Total increase (decrease) in net assets applicable to Common Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,833,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,929,848</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,704,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,846,812</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">217,541,417</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">232,471,265</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">140,510,422</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">150,357,234</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">End of year</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">263,374,828</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">217,541,417</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">163,215,062</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">140,510,422</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Undistributed net investment income</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3,945,593</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4,562,727</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2,423,757</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2,620,458</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">BlackRock Municipal 2020<BR> Term Trust (BKK)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>BlackRock Municipal<BR> Income Trust (BFK)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Increase (Decrease) in Net Assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended April 30,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Applicable to Common Shareholders:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; vertical-align: bottom">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Operations</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left">Net investment income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,691,348</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">21,543,095</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">42,385,428</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">44,687,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,134,472</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,547,068</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(833,257</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net change in unrealized appreciation/depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,874,406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,036,387</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,198,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,359,953</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from net <BR>
&nbsp;&nbsp;&nbsp;&nbsp;investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(397,635</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(722,225</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(430,187</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1,124,179</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net increase (decrease) in net assets applicable to </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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Common Shareholders resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">50,092,884</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">17,650,011</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">148,607,088</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(5,629,605</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Dividends to Common Shareholders From</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(15,116,761</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(15,116,761</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(42,872,546</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(42,289,617</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Capital Share Transactions</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Reinvestment of common dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,664,941</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1,766,716</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Total&nbsp;increase&nbsp;(decrease)&nbsp;in&nbsp;net&nbsp;assets&nbsp;applicable&nbsp;to&nbsp;Common </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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,976,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,533,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,399,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,152,506</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">296,081,864</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">293,548,614</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">541,097,086</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">587,249,592</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">End of year</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">331,057,987</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">296,081,864</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: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">648,496,569</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">541,097,086</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Undistributed net investment income</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">20,835,010</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,058,078</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: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10,805,006</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11,725,402</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; 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 -->40<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Statements of Changes in Net Assets (concluded)</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">BlackRock Pennsylvania<BR> Strategic
    Municipal Trust (BPS)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt"><B>BlackRock Strategic<BR> Municipal Trust (BSD)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Increase (Decrease) in Net Assets&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">Year Ended April 30,&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt"><B>Year Ended April 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Applicable to Common Shareholders:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2011</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Operations</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,820,284</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,993,260</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">6,479,504</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">6,832,692</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net realized gain (loss)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(312,033</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(40,832</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">928,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(564,026</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net change in unrealized appreciation/depreciation</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,351,575</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,590,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,906,795</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,996,208</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 8pt">Dividends to AMPS Shareholders from net <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment
    income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(37,257</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(68,058</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(67,856</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(179,417</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 8pt">Net increase in net assets applicable to <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
    Shareholders resulting from operations</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">5,822,569</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">293,612</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">22,246,486</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,093,041</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Dividends to Common Shareholders From</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,848,975</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(1,798,072</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(6,479,345</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">(6,423,978</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Capital Share Transactions</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 8pt">Reinvestment of common dividends</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">31,115</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">40,206</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">60,332</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">75,734</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">Net Assets Applicable to Common Shareholders</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Total increase (decrease) in net assets applicable <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to Common Shareholders</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,004,709</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,464,254</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,827,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,255,203</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px"><FONT STYLE="font-size: 8pt">Beginning of year</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">26,574,111</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">28,038,365</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">89,481,029</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: right"><FONT STYLE="font-size: 8pt">94,736,232</FONT></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">End of year</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">30,578,820</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">26,574,111</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">105,308,502</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">89,481,029</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Undistributed net investment income</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">679,703</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">748,019</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,703,769</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,781,260</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_010"></A>Statement of Cash Flows</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Year Ended April 30, 2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">BlackRock<BR> Investment<BR> Quality<BR> Municipal Trust Inc.<BR> (BKN)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">BlackRock<BR> Long-Term<BR> Municipal<BR> Advantage Trust<BR> (BTA)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">BlackRock<BR> Municipal<BR> Income Trust<BR> (BFK)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">BlackRock<BR> Strategic<BR> Municipal<BR> Trust<BR> (BSD)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Cash Provided by (Used for) Operating Activities</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net increase in net assets resulting from operations, </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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; text-indent: 6px">excluding dividends to AMPS Shareholders</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">62,442,162</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">32,715,988</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">149,037,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">22,314,342</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Adjustments to reconcile net increase in net 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">resulting from operations to net cash provided <BR>
&nbsp;&nbsp;by (used for) operating
    activities:</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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Decrease in interest receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Decrease in cash pledged as collateral for <BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;financial futures contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Decrease in other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Decrease in income receivable &mdash; affiliated</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">551</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Decrease in prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,558</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase in investment advisory fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,717</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase (decrease) in interest expense and <BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,033</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(196,156</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase (decrease) in other accrued<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expenses payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,294</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,982</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase (decrease) in variation margin payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,187</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,812</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(875</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase in Officers and Trustees&rsquo; fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Increase in administration fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,122,446</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,725,768</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(110,200,356</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,456,498</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Amortization of premium and accretion of discount <BR> &nbsp;&nbsp;&nbsp;on investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,935,364</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">474,239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,971,924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(432,543</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Amortization of deferred offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Proceeds from sales of long-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,507,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,325,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,059,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,026,927</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Purchases of long-term investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(158,892,852</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(59,240,324</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,014,615</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,010,222</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net proceeds from sales (purchases) of <BR> &nbsp;&nbsp;&nbsp;short-term securities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(3,426,443</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1,102,982</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">24,810,798</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(1,374,218</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Cash provided by (used for) operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">15,055,927</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">609,474</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(22,490,245</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(2,802,201</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Cash Provided by (Used for) Financing Activities</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash receipts from TOB trust certificates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,874,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,092,958</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,603,101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,428,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash payments for TOB trust certificates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,128,757</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,739,955</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,066,797</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(949,446</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash receipts from issuance of VMTP Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,900,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash payments on redemption of AMPS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(125,950,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(270,875,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42,975,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash payments for offering costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(133,361</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(328,249</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash dividends paid to Common Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,393,473</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,963,138</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,197,635</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,418,688</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Cash dividends paid to AMPS Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(225,226</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(445,037</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,792</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Decrease in bank overdraft</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(138</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Cash provided by (used for) financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(15,055,965</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(610,135</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">22,490,245</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">2,802,196</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Cash</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net decrease in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(661</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Cash at beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">38</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">661</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">5</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Cash at end of year</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Cash Flow Information</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Cash paid during the year for interest</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">626,085</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,039,853</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,834,488</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">299,247</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Noncash Financing Activities</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Capital shares issued in reinvestment of dividends <BR>
&nbsp;&nbsp;&nbsp;paid to Common Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">827,499</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">250,652</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1,664,941</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">60,332</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 0pt; font-size: 8pt">A Statement of Cash Flows is presented when
a Trust had a significant amount of borrowing during the year, based on the average borrowing outstanding in relation to average
total assets.</P>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; 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 -->42<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87><A NAME="a_011"></A>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Investment Quality Municipal Trust Inc. (BKN)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> November 1,<BR> 2008 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">12.75</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.68</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">11.63</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.64</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.73</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">15.79</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.04</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.07</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.93</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.97</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.79</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from <BR> &nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.01</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.05</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.31</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.32</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment <BR> &nbsp;&nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.65</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.08</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">3.00</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.39</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(3.20</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to Common Shareholders from <BR> &nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1.01</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1.01</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.95</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.40</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.89</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.39</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.75</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.68</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.63</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.64</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.73</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.75</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.08</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.19</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.35</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.25</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16.35</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&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: 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">29.46%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.49%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.63%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(22.93)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.95)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">29.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.61)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">34.50%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(33.11)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(8.49)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&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: 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.29%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR> &nbsp;&nbsp;&nbsp;before fees paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR> &nbsp;&nbsp;&nbsp;paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.08%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR> &nbsp;&nbsp;&nbsp;paid indirectly and excluding interest <BR> &nbsp;&nbsp;&nbsp;expense, fees and amortization of <BR> &nbsp;&nbsp;&nbsp;offering costs<SUP>4,6</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>7</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.04%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.20%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Net investment income<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.94%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.83%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.29%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.53%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.84%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Dividends to AMPS Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.09%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.87%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income to Common <BR> &nbsp;&nbsp;&nbsp;Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.85%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.60%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.03%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.66%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.56%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">&nbsp;</TD><TD STYLE="padding-bottom: 2px">&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: 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets applicable to Common<BR> &nbsp;&nbsp;&nbsp;Shareholders, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">263,375</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">217,541</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">232,471</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">196,811</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">180,188</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">247,272</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">AMPS outstanding at $25,000 liquidation <BR> &nbsp;&nbsp;&nbsp;preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">125,950</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">125,950</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">126,950</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">126,950</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">146,550</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">VMTP Shares outstanding at $100,000 <BR> &nbsp;&nbsp;&nbsp;liquidation value, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">125,900</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">47%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">38%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">43%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per AMPS at $25,000 <BR> &nbsp;&nbsp;&nbsp;liquidation preference, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">68,183</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">71,147</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">63,762</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">60,495</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,185</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; text-indent: 0px">Asset coverage per VMTP Shares at <BR> &nbsp;&nbsp;&nbsp;$100,000 liquidation value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">309,194</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px 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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 4pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 0.94%.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 6 -->
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<BR>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Long-Term Municipal Advantage Trust (BTA)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> November 1,<BR> 2008 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.51</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">11.27</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">9.52</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">8.57</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.72</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.89</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.75</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.76</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.75</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.34</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.81</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.70</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1.70</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(0.79</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">1.69</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.94</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(5.30</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1.15</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment<BR>
 &nbsp;&nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2.45</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">2.44</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.28</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(4.49</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.45</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends from net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.77</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.73</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.69</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.33</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.66</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.72</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.19</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.51</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.27</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.52</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.57</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.72</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.27</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.20</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.77</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.79</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.40</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.14</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">24.09%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.18)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26.81%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.78%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(33.64</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2.93)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">28.70%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">31.25%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(26.49</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">)%</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(13.00)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Total expenses</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.69%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.81%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.80%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.95%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.00%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.69%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Total expenses after fees waived and<BR>
 &nbsp;&nbsp;&nbsp;before fees paid indirectly</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3.60%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.29%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3.60%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.29%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees
    waived and <BR> &nbsp;&nbsp;&nbsp;paid indirectly and excluding interest <BR>
&nbsp;&nbsp;&nbsp;expense and fees<SUP>5</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.86%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.78%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.75%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.82%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.83%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.89%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.60%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.97%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.88%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.56%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.87%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">163,215</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">140,510</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">150,357</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">127,079</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">114,382</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">183,161</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">30%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average shares outstanding.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense and fees related to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 6pt; 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 -->44<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal 2020 Term Trust (BKK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> January 1,<BR> 2009 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.63</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.51</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">12.04</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.55</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.79</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">15.77</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.02</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.35</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.09</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.41</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.28</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.97</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from net<BR>
 &nbsp;&nbsp;&nbsp;investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.04</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.04</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.30</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.33</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2.48</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.87</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">3.22</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.74</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(3.49</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.18</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to Common Shareholders from net<BR>
 &nbsp;&nbsp;&nbsp;investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.75</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.75</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.75</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.25</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.75</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.80</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16.36</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.63</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.51</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.04</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.55</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.79</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16.06</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.06</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.89</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.70</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.57</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.60</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17.27%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.96%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26.97%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16.39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(24.57)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.16)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.83%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.29%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">23.52%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">22.54%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(17.81)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(9.11)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.03%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.03%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px; vertical-align: bottom">Total expenses after fees waived and <BR>
    &nbsp;&nbsp;&nbsp;paid indirectly and excluding <FONT STYLE="font-size: 8pt">interest <BR>
&nbsp;&nbsp;&nbsp;expense and
    fees<SUP>4,6</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.98%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>7</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.02%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.21%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.10%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.05%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Net investment income<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.57%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.08%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.01%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.27%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Dividends to AMPS Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.24%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.59%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.18%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.14%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income to Common Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.44%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.02%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.80%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.69%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.83%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets applicable to Common Shareholders, <BR>
&nbsp;&nbsp;&nbsp;end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">331,058</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">296,082</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">293,549</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">243,571</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">213,472</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">299,372</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">AMPS outstanding at $25,000 liquidation <BR>
&nbsp;&nbsp;&nbsp;preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">173,850</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">177,600</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">18%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per AMPS at $25,000 <BR>
&nbsp;&nbsp;&nbsp;liquidation preference, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">72,607</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,579</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,215</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">60,027</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">55,703</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,154</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense and fee relate to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 4pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, and remarketing fees was 0.90%.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Municipal Income Trust (BFK)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> November 1,<BR> 2008 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">12.16</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.23</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.74</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.08</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.55</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">15.37</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.01</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.03</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.52</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.12</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.38</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.63</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Dividends and distributions to AMPS <BR>
&nbsp;&nbsp;&nbsp;Shareholders from:</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: 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.01</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.02</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.30</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.31</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Net realized gain</TD>
<TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(0.00</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)<SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment <BR>
&nbsp;&nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.33</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(0.12</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">3.42</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.07</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(3.56</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">0.17</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Dividends and distributions to Common <BR>
&nbsp;&nbsp;&nbsp;Shareholders from:</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: 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: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 12px">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.96</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.95</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.93</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.41</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.91</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.99</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px; text-indent: 12px">Net realized gain</TD>
<TD></TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">&mdash;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(0.00</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)<SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Total dividends and distributions to Common<BR>
 &nbsp;&nbsp;&nbsp;Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.96</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.95</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.93</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.41</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.91</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.99</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.53</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.16</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.23</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.74</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.08</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.55</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.83</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.35</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.44</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.10</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.75</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.92</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">28.24%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.04)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">32.75%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(25.69)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.70%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">28.87%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.07)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">30.49%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">32.34%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>4</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(41.05)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2.11)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses<SUP>5</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.44%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.38%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.18%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly<SUP>5</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.24%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.88%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly and
    excluding <FONT STYLE="font-size: 8pt">interest <BR>
&nbsp;&nbsp;&nbsp;expense, fees and amortization of offering<BR>
 &nbsp;&nbsp;&nbsp;costs<SUP>5,7</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>8</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.98%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.88%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Net investment income<SUP>5</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.06%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.84%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.37%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.48%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.34%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.43%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Dividends to AMPS Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.20%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.70%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.04%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income to Common Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.64%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.14%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.78%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>6</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.15%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets applicable to Common Shareholders, <BR>
&nbsp;&nbsp;&nbsp;end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">648,497</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">541,097</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">587,250</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">474,814</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">445,289</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">640,981</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">AMPS outstanding at $25,000 liquidation <BR>
&nbsp;&nbsp;preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">270,875</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">270,875</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">293,125</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">293,125</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">375,125</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">VMTP Shares outstanding at $100,000 <BR>
&nbsp;&nbsp;&nbsp;liquidation value,
    end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">270,800</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">18%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">32%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per AMPS at $25,000 <BR>
&nbsp;&nbsp;&nbsp;liquidation
    preference, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">74,941</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">79,201</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">65,498</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">62,989</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,727</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per VMTP Shares at <BR>
&nbsp;&nbsp;&nbsp;$100,000 liquidation
    value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">339,474</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px 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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Amount is less than $(0.01) per share.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>8</SUP></TD><TD STYLE="width: 4pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.10%.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
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     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Pennsylvania Strategic Municipal Trust (BPS)</FONT></B></TD></TR></TABLE><BR>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> January 1,<BR> 2009 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.11</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.86</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">11.87</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.77</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.12</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">15.01</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.90</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.27</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.89</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.81</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.36</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.74</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from <BR>
&nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.04</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.26</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.31</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment <BR>
&nbsp;&nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2.87</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.14</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">2.71</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.28</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(2.73</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.06</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to Common Shareholders from <BR>
&nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.91</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.89</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.72</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.18</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.62</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.83</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.07</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.11</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.86</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.87</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.77</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.12</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">15.27</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.99</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.88</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.85</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.42</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.55</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">22.57%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">23.80%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(19.63)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(0.82)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">25.34%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.00%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">49.41%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">19.18%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(34.53)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(18.04)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.72%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.56%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.60%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.63%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;before fees paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.71%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.59%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.37%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.71%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.59%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.35%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Total expenses after fees waived and paid <BR>
&nbsp;&nbsp;&nbsp;indirectly and excluding <FONT STYLE="font-size: 8pt">interest
    expense <BR>
&nbsp;&nbsp;&nbsp;and fees<SUP>4,6</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.58%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>7</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.43%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.57%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.61%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.42%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.35%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Net investment income<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.30%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.94%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.38%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Dividends to AMPS Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.25%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.56%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.10%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income to Common Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.03%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.66%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.82%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.65%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">4.72%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets applicable to Common Shareholders, <BR>
&nbsp;&nbsp;&nbsp;end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">30,579</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">26,574</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">28,038</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">24,023</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">21,799</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">28,560</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">AMPS outstanding at $25,000 liquidation <BR>
&nbsp;&nbsp;&nbsp;preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,325</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,825</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">16,825</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17,500</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">34%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">41%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per AMPS at $25,000 <BR>
&nbsp;&nbsp;&nbsp;liquidation preference, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">71,828</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">65,697</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">67,939</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">60,696</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">57,399</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">65,817</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30,
2009 have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses,
total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total
expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment
income to Common Shareholders would have been 1.91%, 1.89%, 1.89%, 1.89%, 7.09% and 6.53%, respectively.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense and fee relate to TOBs. See Note 1 of the Notes to Financial Statements
for details of municipal bonds transferred to TOBs.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 4pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees and remarketing fees was 1.52%.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 14pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135)"><FONT COLOR=#394c87>Financial Highlights</FONT></TD>
     <TD STYLE="border-top: rgb(57,76,135) 4pt solid; font: 10pt Arial, Helvetica, Sans-Serif; color: rgb(57,76,135); text-align: right"><B><FONT COLOR=#394c87>BlackRock Strategic Municipal Trust (BSD)</FONT></B></TD></TR></TABLE><BR>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Year Ended April 30, </TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; vertical-align: bottom"><B>Period<BR> January 1,<BR> 2009 to<BR> April 30,</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Year Ended October 31,</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2010</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2009</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2008</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2007</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Per Share Operating Performance</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1px">Net asset value, beginning of period</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">12.27</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">13.00</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">10.95</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">9.90</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">14.27</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 1px solid; text-align: right">15.64</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.89</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.94</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.96</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.02</TD><TD STYLE="text-align: left"><SUP>1</SUP>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Net realized and unrealized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.77</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.10</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to AMPS Shareholders from <BR>
&nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.01</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.03</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.26</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.32</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net increase (decrease) from investment <BR>
&nbsp;&nbsp;&nbsp;operations</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3.05</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.15</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">2.89</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">1.30</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">(3.56</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.35</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">Dividends to Common Shareholders from &nbsp;<BR>
&nbsp;&nbsp;&nbsp;net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(0.89</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.88</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.84</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.25</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(0.81</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="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">(1.02</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net asset value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.43</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.27</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.00</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.95</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.90</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.27</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Market price, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">14.38</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">11.88</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12.95</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10.15</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.19</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.96</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: #394c87"><B>Total Investment Return Applicable to Common Shareholders<SUP>2</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on net asset value</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">25.65%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">27.36%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">13.44%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(25.70)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2.82)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Based on market price</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">29.32%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(1.65)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">36.87%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">27.11%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>3</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(37.17)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(20.44)%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Ratios to Average Net Assets Applicable to Common Shareholders</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.49%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.54%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.30%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;before fees paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.48%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.14%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.55%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.39%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.36%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.48%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.45%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total expenses after fees
    waived and <BR>
&nbsp;&nbsp;&nbsp;paid indirectly and excluding interest <BR>
&nbsp;&nbsp;&nbsp;expense, fees and amortization of <BR>
&nbsp;&nbsp;&nbsp;offering costs<SUP>4,6</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>7</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.28%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.26%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.40%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.23%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">1.13%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Net investment income<SUP>4</SUP></FONT></TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.64%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.38%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.91%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9.48%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.04%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Dividends to AMPS Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.07%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.22%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">0.49%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.02%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">2.12%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net investment income to Common Shareholders</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.57%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.19%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">7.69%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">8.99%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><SUP>5</SUP>&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6.02%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5.00%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1px">&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: 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: 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: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="25" STYLE="font-weight: bold; text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 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; font-family: Arial, Helvetica, Sans-Serif">Supplemental Data</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net assets applicable to Common <BR>
&nbsp;&nbsp;&nbsp;Shareholders, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">105,309</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">89,481</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">94,736</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">79,820</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">72,188</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">103,882</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">AMPS outstanding at $25,000 liquidation <BR>
&nbsp;&nbsp;&nbsp;preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">42,975</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">42,975</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">47,750</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">47,750</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">62,000</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">VMTP Shares outstanding at $100,00 <BR>
&nbsp;&nbsp;&nbsp;liquidation
    preference, end of period (000)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">42,900</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Portfolio turnover</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">30%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">20%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">32%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">17%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">21%</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per AMPS Share at <BR>
&nbsp;&nbsp;&nbsp;$25,000 liquidation
    preference, end <BR>
&nbsp;&nbsp;&nbsp;of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">77,055</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">80,113</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">66,791</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">62,803</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">66,904</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Asset coverage per VMTP Shares at <BR>
&nbsp;&nbsp;&nbsp;$100,000 liquidation
    value, end of period</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">345,474</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">&mdash;</TD><TD STYLE="border-bottom: Black 2px 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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Based on average Common Shares outstanding.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Total investment returns based on market value, which can be significantly greater
or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns
exclude the effects of any sales charges and include the reinvestment of dividends and distributions.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Aggregate total investment return.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>4</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Do not reflect the effect of dividends to AMPS Shareholders.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>5</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Annualized. Certain expenses incurred during the period January 1, 2009 to April 30,
2009 have been included in the ratio but not annualized. If these expenses were annualized, the annualized ratio of total expenses,
total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total
expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment
income to Common Shareholders would have been 1.91%, 1.89%, 1.89%, 1.89%, 7.09% and 6.53%, respectively.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>6</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP
Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP
Shares, respectively.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16pt; text-align: right"><SUP>7</SUP></TD><TD STYLE="width: 4pt"></TD><TD>For the year ended April 30, 2012, the total expense ratio after fees waived and paid
indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.19%.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">See Notes to Financial Statements.</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_012"></A>Notes to Financial Statements</FONT></P>
<P STYLE="TEXT-ALIGN: left"><B>1. Organization and Significant Accounting Policies:</B></P>
<P STYLE="TEXT-ALIGN: left">BlackRock Investment Quality Municipal Trust Inc. (&ldquo;BKN&rdquo;) is organized as a Maryland corporation. BlackRock Long-Term Municipal Advantage Trust (&ldquo;BTA&rdquo;), BlackRock Municipal 2020 Term Trust (&ldquo;BKK&rdquo;), BlackRock Municipal Income Trust (&ldquo;BFK&rdquo;), BlackRock Pennsylvania Strategic Municipal Trust (&ldquo;BPS&rdquo;) and BlackRock Strategic Municipal Trust (&ldquo;BSD&rdquo;) (collectively, together with BKN, the &ldquo;Trusts&rdquo; or individually as the &ldquo;Trust&rdquo;) are organized as Delaware statutory trusts. BKN, BKK, BFK and BSD are registered under the 1940 Act, as diversified, closed-end management investment companies. BTA and BPS are registered under the 1940 Act as non-diversified, closed-end management investment companies. The Trusts&rsquo; financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (&ldquo;US GAAP&rdquo;), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Board of Directors and the Boards of Trustees of the Trusts are collectively referred to throughout this report as the &ldquo;Board of Trustees&rdquo; or the &ldquo;Board&rdquo; and the directors/trustees thereof are collectively referred to throughout this report as &ldquo;Trustees&rdquo;. The Trusts determine, and make available for publication the NAVs of their Common Shares on a daily basis.</P>
<P STYLE="TEXT-ALIGN: left">The following is a summary of significant accounting policies followed by the Trusts:</P>
<P STYLE="TEXT-ALIGN: left"><B>Valuation:</B> US GAAP defines fair value as the price the Trusts would receive to sell an asset
or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts&rsquo;
fair value their financial instruments at market value using independent dealers or pricing services under policies approved by
each Trust&rsquo;s Board. Municipal investments (including commitments to purchase such investments on a &ldquo;when-issued&rdquo;
basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment,
pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing
matrixes, market transactions in comparable investments and information with respect to various relationships between investments.
Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment
companies are valued at 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.</P>
<P STYLE="TEXT-ALIGN: left">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 (&ldquo;Fair Value Assets&rdquo;). 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&rsquo;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.</P>
<P STYLE="TEXT-ALIGN: left"><B>Zero-Coupon Bonds:</B> The Trusts may invest in zero-coupon bonds, which are normally issued at
a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater
volatility in market value than similar maturity debt obligations which provide for regular interest payments.</P>
<P STYLE="TEXT-ALIGN: left"><B>Forward Commitments and When-Issued Delayed Delivery Securities:</B> The Trusts may purchase securities
on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally
occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions
with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement
date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement
than the security is worth. In addition, the Trusts are not entitled to any of the interest earned prior to settlement. When purchasing
a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk
of price and yield fluctuations. In the event of default by the counterparty, the Trusts&rsquo; maximum amount of loss is the
unrealized appreciation of unsettled when-issued transactions, which is shown in the Schedules of Investments.</P>
<P STYLE="TEXT-ALIGN: left"><B>Municipal Bonds Transferred to TOBS:</B> The Trusts leverage their assets through the use of TOBs.
A TOB is established by a third party sponsor forming a special purpose entity, into which a fund, or an agent on behalf of a
fund, 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 (&ldquo;TOB Residuals&rdquo;), 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 year ended April 30, 2012, no TOBs in which the Trusts participated were
terminated without the consent of the Trusts.</P>
<P STYLE="TEXT-ALIGN: left">The cash received by the TOB from the sale of the 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&rsquo;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&rsquo; Schedules of Investments and TOB trust certificates are shown in other liabilities in the Statements of Assets and Liabilities. The carrying amount of each Trust&rsquo;s payable to the</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">holders of the short-term floating rate certificates as reported in the Trusts&rsquo; Statements of Assets and Liabilities as TOB trust certificates approximates fair value.</P>
<P STYLE="TEXT-ALIGN: left">Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are shown as interest expense fees and amortization of offering costs in the Statements of Operations. The 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 April 30, 2012, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for TOB trust certificates and the range of interest rates on the liability for trust certificates were as follows:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">

  <TR VALIGN=bottom>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Underlying<BR>

<B>Municipal<BR>

</B>Bonds</B><BR>

<B>Transferred</B><BR>

<B>to TOBs</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Liability</B><BR>

<B>for TOB Trust</B><BR>

<B>Certificates</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Range of</B><BR>

<B>Interest Rates</B></TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="text-align: left; width: 48%; vertical-align: bottom">BKN</TD>
    <TD STYLE="text-align: left; width: 3%">$</TD>
    <TD STYLE="text-align: right; width: 10%"> 30,324,633</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 3%">$</TD>
    <TD STYLE="text-align: right; width: 10%">14,883,496</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 20%">0.25% &#150; 0.32%</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="text-align: left; vertical-align: bottom">BTA</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">153,772,787</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">96,814,568</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0.22% &#150; 0.40%</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="text-align: left; vertical-align: bottom">BKK</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"> 5,885,350</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"> 3,750,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0.27%</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">260,064,048</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">139,718,451</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0.22% &#150; 0.40%</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="text-align: left; vertical-align: bottom">BPS</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"> 10,777,308</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right"> 5,284,261</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">0.25% &#150; 0.34%</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">BSD</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"> 43,230,811</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,025,108</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.22% &#150; 0.40%</TD>
  </TR>
</TABLE><BR>
<P STYLE="TEXT-ALIGN: left">For the year ended April 30, 2012, the Trusts&rsquo; average TOB trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Average</B><BR>
<B>TOB Trust</B><BR>
<B>Certificates</B><BR>
<B>Outstanding</B></TD>
     <TD STYLE="text-align: right; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><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; vertical-align: bottom; width: 57%">BKN</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; width: 8%">$</TD>
     <TD STYLE="text-align: right; width: 15%"> 12,899,221</TD>
     <TD STYLE="text-align: right; width: 20%">0.65%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom">BTA</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right"> 90,708,339</TD>
     <TD STYLE="text-align: right">0.92%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom">BKK</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right"> 3,750,000</TD>
     <TD STYLE="text-align: right">0.53%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right">100,285,741</TD>
     <TD STYLE="text-align: right">0.69%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; vertical-align: bottom">BPS</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">$</TD>
     <TD STYLE="text-align: right"> 4,956,936</TD>
     <TD STYLE="text-align: right">0.72%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; vertical-align: bottom">BSD</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; vertical-align: bottom">$</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right"> 17,129,473</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">0.68%</TD></TR></TABLE><BR>
<P STYLE="text-align: left; margin-top: 6">Should short-term interest rates rise, the Trusts&rsquo; investments in TOBs may adversely affect the Trusts&rsquo; net investment income and dividends to Common Shareholders. Also, fluctuations in the market values of municipal bonds deposited into the TOB may adversely affect the Trusts&rsquo; NAVs per share.</P>
<P STYLE="TEXT-ALIGN: left"><B>Segregation and Collateralization:</B> In cases in which the 1940 Act and the interpretive positions
of the Securities and Exchange Commission (&ldquo;SEC&rdquo;) require that the Trusts either deliver collateral or segregate assets
in connection with certain investments (e.g., financial futures contracts), the Trusts will, consistent with SEC rules and/or
certain interpretive letters issued by the SEC, segregate collateral or designate on their books and records cash or liquid securities
having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore,
based on requirements and agreements with certain exchanges and third party broker-dealers, each party to such transactions has
requirements to deliver/deposit securities as collateral for certain investments.</P>
<P STYLE="TEXT-ALIGN: left"><B>Investment Transactions and Investment Income:</B> For financial reporting purposes, investment
transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment
transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income,
including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.</P>
<P STYLE="TEXT-ALIGN: left"><B>Dividends and Distributions:</B> Dividends from net investment income are declared and paid monthly.
Distributions of capital gains are recorded on the ex-dividend dates. The 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 Preferred
Shareholders are accrued and determined as described in Note 7.</P>
<P STYLE="TEXT-ALIGN: left"><B>Income Taxes:</B> It is each Trust&rsquo;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.</P>
<P STYLE="TEXT-ALIGN: left">Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts&rsquo; US federal tax returns remains open for each of the three years ended April 30, 2012, the period ended April 30, 2009 and the preceding taxable year of the respective Trust. The statutes of limitations on each Trust&rsquo;s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.</P>
<P STYLE="TEXT-ALIGN: left"><B>Recent Accounting Standards:</B> In May 2011, the Financial Accounting Standards Board (the &ldquo;FASB&rdquo;)
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 as well
as disclosure of the level in the fair value hierarchy of assets and liabilities not recorded at fair value but where fair value
is 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 Fund&rsquo;s financial
statement disclosures.</P>
<P STYLE="TEXT-ALIGN: left">In December 2011, the FASB issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the Statement of Assets and Liabilities and will require</P>
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    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">an entity to disclose both gross and net information about such investments and transactions in the financial statements. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund&rsquo;s financial statement disclosures.</P>
<P STYLE="TEXT-ALIGN: left"><B>Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan:</B> Under the
deferred compensation plan approved by each Trust&rsquo;s Board, independent Trustees (&ldquo;Independent Trustees&rdquo;) may
defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar
amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent 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.</P>
<P STYLE="TEXT-ALIGN: left">The deferred compensation plan is not funded and obligations there-under represent general unsecured claims against the general assets of each Trust. Prior to March 31, 2012, each Trust elected to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Directors in order to match its deferred compensation obligations and dividends and distributions received from the BlackRock Closed-End Fund investments through March 31, 2012 are included in income &#151; affiliated in the Statements of Operations.</P>
<P STYLE="TEXT-ALIGN: left"><B>Offering Costs:</B> Certain Trusts incurred costs in connection with their issuance of VMTP Shares,
which were recorded as a deferred charge and will be amortized over the 3-year life of the VMTP Shares. Amortization of these
costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.</P>
<P STYLE="TEXT-ALIGN: left"><B>Other:</B> Expenses directly related to a Trust are charged to the Trust. Other operating expenses
shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.</P>
<P STYLE="TEXT-ALIGN: left">The Trusts have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.</P>
<P STYLE="TEXT-ALIGN: left"><B>2. Derivative Financial Instruments:</B></P>
<P STYLE="TEXT-ALIGN: left">The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.</P>
<P STYLE="TEXT-ALIGN: left">Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.</P>
<P STYLE="TEXT-ALIGN: left"><B>Financial Futures Contracts:</B> The Trusts purchase or sell financial futures contracts and options
on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk).
Financial futures contracts are agreements between the Trusts and counterparty to buy or sell a specific quantity of an underlying
instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures
contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a
cash settlement amount on the settlement date. Pursuant to the contract, the Trusts agree to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin
and are recorded by the Trusts as unrealized appreciation or depreciation. When the contract is closed, the Trusts record a realized
gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it
was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price
of financial futures contracts, interest rates and the underlying assets.</P>
<P STYLE="TEXT-ALIGN: left"><B>Derivative Financial Instruments Categorized by Risk Exposure:</B></P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD COLSPAN="7" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><B>Fair Values of Derivative Financial Instruments as of April 30, 2012</B></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>&nbsp;</TD>
     <TD ALIGN=left>&nbsp;</TD>
     <TD COLSPAN="5" STYLE="text-align: center; border-bottom: #000000 1px solid; vertical-align: bottom"><B>Liability Derivatives</B></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>&nbsp;</TD>
     <TD ALIGN=left>&nbsp;</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center><B>BKN</B></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center><B>BTA</B></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center><B>BFK</B></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center><B>BPS</B></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center><B>BSD</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>&nbsp;</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>&nbsp;</TD>
     <TD COLSPAN="5" STYLE="text-align: center; border-bottom: #000000 1px solid; vertical-align: bottom"><B>Statements of Assets and Liabilities Location</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>Interest rate contracts</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>Net unrealized appreciation/deprecation<SUP>1</SUP></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>$(565,164)</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>$ (63,068)</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>$ (926,003)</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>$(32,448)</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>$(152,019)</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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Includes cumulative appreciation/depreciation on financial futures contracts as reported
in the Schedules of Investments. Only current day&rsquo;s variation margin is reported within the Statements of Assets and Liabilities.</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD COLSPAN="6" STYLE="text-align: center; border-top: Black 1pt solid"><B>The Effect of Derivative Financial Instruments in the Statements of Operations</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" COLSPAN=6 ALIGN=center><B>Year Ended April 30, 2012</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" COLSPAN=5 ALIGN=center><B>Net Realized Loss From</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; width: 30%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 4px; text-align: center; width: 14%"><B>BKN</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 6px; text-align: center; width: 14%"><B>BTA</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BFK</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BPS</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BSD</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1pt solid">Interest rate contracts:<BR>
&nbsp;&nbsp;&nbsp;Financial futures contracts</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">$(1,305,543)&nbsp;&nbsp; </TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$(1,118,397)&nbsp;&nbsp;</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$(3,686,401)&nbsp;</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$(177,061)&nbsp;</TD>
     <TD STYLE="text-align: center; border-bottom: Black 1pt solid">$(643,016)&nbsp;</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid"><B>Net Change in Unrealized</B></TD>
     <TD STYLE="text-align: left; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" COLSPAN=3 ALIGN=center><B>Appreciation/Depreciation on</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">&nbsp;</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left; width: 30%">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BKN</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 18px; text-align: center; width: 14%"><B>BTA</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BFK</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BPS</B></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center; width: 14%"><B>BSD</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1pt solid">Interest rate contracts:<BR>
&nbsp;&nbsp;&nbsp;Financial futures contracts</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">$ (173,684)</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">$ 212,757</TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">$ 137,892 </TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">$ (6,179) </TD>
     <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">$21,356</TD></TR></TABLE><BR> <BR>

<!-- Field: Page; Sequence: 14 -->
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">For the year ended April 30, 2012, the average quarterly balances of outstanding derivative financial instruments were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>BKN</B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>BTA</B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>BFK</B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>BPS</B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>BSD</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Financial futures</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: 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: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">contracts:</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: 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: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">Average number</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: 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: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; text-indent: 6px">of contracts sold</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">278</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">Average notional</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: 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: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 6px">value of</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: 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: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; text-indent: 6px">contracts sold</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">14,632,594</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">5,769,078</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">36,176,039</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,041,766</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">5,926,734</TD></TR>
</TABLE>
<BR>
<P STYLE="text-align: left; margin-top: 3"><B>3. Investment Advisory Agreement and Other Transactions with Affiliates:</B></P>
<P STYLE="TEXT-ALIGN: left">As of April 30, 2012, the PNC Financial Services Group, Inc. (&ldquo;PNC&rdquo;) and Barclays Bank PLC (&ldquo;Barclays&rdquo;) are the largest stockholders of BlackRock, Inc. (&ldquo;BlackRock&rdquo;). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but Barclays is not.</P>
<P STYLE="TEXT-ALIGN: left">Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &ldquo;Manager&rdquo;), the Trusts&rsquo; investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust&rsquo;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Manager a monthly fee at the following annual rate of each Trust&rsquo;s average daily net assets as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; text-align: left; vertical-align: bottom; border-top: Black 1px solid">BKN</TD><TD STYLE="width: 1%; text-align: left; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="width: 10%; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="width: 43%; text-align: right; border-top: Black 1px solid">0.35%</TD><TD STYLE="width: 1%; text-align: left; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BTA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BKK</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.50%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BPS</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.60%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">BSD</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="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">0.60%</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">Average weekly net assets for all of the Trusts, except BTA, is the average daily value of each Trust&rsquo;s total assets minus the sum of its accrued liabilities. For BTA, average weekly net assets is the average weekly value of the Trust&rsquo;s total assets minus the sum of its total liabilities.</P>
<P STYLE="TEXT-ALIGN: left">The Manager voluntarily agreed to waive a portion of the investment advisory fees or other expenses as a percentage of its average daily net assets as follows:</P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Through</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Rate</B></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>BTA</TD>
     <TD ALIGN=center>January 31, 2012</TD>
     <TD ALIGN=right>0.30</TD>
     <TD ALIGN=left>%</TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>&nbsp;</TD>
     <TD ALIGN=center>January 31, 2013</TD>
     <TD ALIGN=right>0.20</TD>
     <TD ALIGN=left>%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>&nbsp;</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=center>January 31, 2014</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right>0.10</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>%</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">For the year ended April 30, 2012, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:</P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">BTA</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right; border-top: Black 1px solid"></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-indent: 6px; text-align: right; vertical-align: bottom; border-top: Black 1px solid">$418,314</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Trust&rsquo;s investment in other affiliated investment companies, if any. These amounts are included in fees waived by advisor in the Statements of Operations. For the year ended April 30, 2012, the amounts waived were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; text-align: left; vertical-align: bottom; border-top: Black 1px solid">BKN</TD><TD STYLE="width: 1%; text-align: left; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="width: 46%; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 1px solid">$</TD><TD STYLE="width: 7%; text-align: right; border-top: Black 1px solid">2,774</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BTA</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,028</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BKK</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,494</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,352</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BPS</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,899</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">BSD</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,812</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">The Manager entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (&ldquo;BFM&rdquo;), an affiliate of the Manager. The Manager pays BFM, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Trust to the Manager.</P>
<P STYLE="TEXT-ALIGN: left">BKN has an Administration Agreement with the Manager. The administration fee paid to the Manager is computed at an annual rate of 0.15% of the Trust&rsquo;s average weekly net assets.</P>
<P STYLE="TEXT-ALIGN: left">Certain officers and/or Trustees of the Trusts are officers and/or directors of BlackRock or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts&rsquo; Chief Compliance Officer.</P>
<P STYLE="TEXT-ALIGN: left"><B>4. Investments:</B></P>
<P STYLE="TEXT-ALIGN: left">Purchases and sales of investments excluding short-term securities for the year ended April 30, 2012, were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; vertical-align: bottom; border-top: Black 1pt solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1pt solid">Purchases</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1pt solid"><B>Sales</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; text-align: left; vertical-align: bottom">BKN</TD><TD STYLE="width: 1%; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">178,220,717</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">174,850,628</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BTA</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">63,445,653</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">47,197,110</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BKK</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">94,017,973</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87,742,966</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">237,142,016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">159,384,067</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BPS</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,916,394</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,861,248</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">BSD</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">52,072,098</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">45,796,987</TD></TR>
</TABLE>
<BR>
<P STYLE="text-align: left; margin-top: 3pt"><B>5. Income Tax Information:</B></P>
<P STYLE="TEXT-ALIGN: left">US GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of April 30, 2012 attributable to amortization methods on fixed income securities, income recognized from pass-through entities, distributions received from a regulated investment company, the sale of bonds received from tender option bond trusts, the reclassification of distributions, non-deductible expenses, the expiration of capital loss carryforwards,the retention of tax-exempt income and securities in default were reclassified to the following accounts:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">BKN <FONT STYLE="font-size: 8pt"><B></B></FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">BTA <FONT STYLE="font-size: 8pt"><B></B></FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">BKK <FONT STYLE="font-size: 8pt"><B></B></FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">BFK <FONT STYLE="font-size: 8pt"><B></B></FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">BPS <FONT STYLE="font-size: 8pt"><B></B></FONT></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><B>BSD</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left">Paid-in capital</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">400,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">(15,775,833</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Undistributed net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(17,406</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(400,020</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3,091</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,368</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(9,794</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">Accumulated net realized loss</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(20,173</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">17,406</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">20</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">15,778,924</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,368</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">9,794</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">The tax character of distributions paid during the fiscal years ended April 30, 2012 and April 30, 2011 was as follows:</P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BKN</B></FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BTA</B></FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BKK</B></FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BFK</B></FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BPS</B></FONT></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><FONT STYLE="font-size: 9pt"><B>BSD</B></FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left><FONT STYLE="font-size: 9pt">Tax-exempt income</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2012</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">17,988,636</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">10,260,553</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">15,514,396</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">44,467,311</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">1,886,232</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">6,740,189</FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2011</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">17,680,514</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">9,738,600</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">15,838,986</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">43,381,671</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">1,866,130</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">6,577,857</FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left><FONT STYLE="font-size: 9pt">Ordinary income</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2012</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">1,447</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">25,961</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD>
     <TD STYLE="text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2011</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">40,399</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">29,268</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">32,125</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">&#151;</FONT></TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right><FONT STYLE="font-size: 9pt">25,538</FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2012</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">17,988,636</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">10,262,000</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">15,514,396</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">44,493,272</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">1,886,232</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">6,740,189</FONT></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN="LEFT" STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
     <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 9pt">4/30/2011</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 0"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">17,720,913</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">9,767,868</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">15,838,986</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">43,413,796</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">1,866,130</FONT></TD>
     <TD STYLE="border-bottom: Black 2px solid; text-align: right; padding-left: 4"><FONT STYLE="font-size: 9pt">$</FONT></TD>
     <TD ALIGN="RIGHT" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 9pt">6,603,395</FONT></TD></TR></TABLE><BR>
<P STYLE="text-align: left; margin-top: 3">As of April 30, 2012, the tax components of accumulated net earnings (losses) were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BKN</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BTA</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BKK</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BFK</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BPS</FONT></TD><TD STYLE="border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;<B>BSD</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 8pt">Undistributed tax-exempt income</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">3,933,442</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">2,870,470</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">20,531,243</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">10,174,797</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">606,673</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">1,729,090</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Undistributed ordinary income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,204</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,592</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,223</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43,919</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,606</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Capital loss carryforwards</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,447,880</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(41,215,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,864,108</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(24,416,121</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,030,484</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(10,223,695</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Net unrealized gains<SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,072,822</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,215,156</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,805,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,400,235</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,444,215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,304,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Qualified late-year losses<SUP>2</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(4,003</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">25,567,588</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">(28,132,634</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">43,473,411</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">42,202,830</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">2,020,404</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,816,330</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</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: 16pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The difference between book-basis and tax-basis net unrealized gains was attributable
primarily to the tax deferral of losses on wash sales, amortization and accretion methods of premiums and discounts on fixed income
securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains/losses on certain
futures contracts, the timing and recognition of partnership income, the treatment of residual interests in tender option bond
trusts and the deferral of compensation to Trustees.</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: 16pt; text-align: right"><SUP>2</SUP></TD><TD STYLE="width: 4pt"></TD><TD>The Trust has elected to defer certain qualified late-year losses and recognize such
losses in the year ending April 30, 2013.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">As of April 30, 2012, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">Expires
    April 30,</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BKN</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BTA</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BKK</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BFK</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BPS</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"><FONT STYLE="font-size: 8pt">BSD</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">59,917</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">583,227</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">701,315</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,991,959</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">606,017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,766,405</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,052,642</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">302,549</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,207,532</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">127,957</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">251,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,506,796</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,882,935</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,065,704</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">929,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,028,776</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,174,679</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,821,726</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">471,188</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,455,638</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">586,549</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,381,683</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">951,237</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,090,371</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,978,126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">No expiration date<SUP>3</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">5,805,994</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">4,089,271</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">326,532</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2px"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">9,447,880</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">41,215,849</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,864,108</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">24,416,121</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">2,030,484</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">10,223,695</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</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: 16pt; text-align: right"><SUP>3</SUP></TD><TD STYLE="width: 4pt"></TD><TD>Must be utilized prior to losses subject to expiration.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BKN</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BTA</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BKK</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BFK</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BPS</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">BSD</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 2px">Tax cost</TD><TD STYLE="width: 2%; padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">362,796,135</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">178,684,926</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">475,684,720</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">857,145,427</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">42,903,055</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="width: 6%; border-bottom: Black 2px solid; text-align: right">137,247,241</TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gross unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35,648,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,576,601</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33,244,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,652,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,516,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,559,690</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Gross unrealized depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,459,032</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="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">(5,347,484</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="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">(8,167,855</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="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">(19,047,742</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="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">(66,682</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="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">(2,244,958</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2px">Net unrealized appreciation<BR>
 &nbsp;&nbsp;&nbsp;(depreciation)</TD><TD STYLE="padding-bottom: 2px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">31,189,418</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10,229,117</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">25,076,911</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">56,604,373</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">3,449,977</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">10,314,732</TD><TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left"><B>6. Concentration, Market and Credit Risk:</B></P>
<P STYLE="TEXT-ALIGN: left">The Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.</P>
<P STYLE="TEXT-ALIGN: left">Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.</P>
<P STYLE="TEXT-ALIGN: left">In the normal course of business, the Trusts invest in securities and enter into transactions where
risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations
(issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes;
local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar
to issuer credit risk, the Trusts may be exposed to counterparty credit risk, or the risk that an entity with which the Trusts
have unsettled or open transactions may fail to or be unable to perform on its commitments. The Trusts manage counterparty credit
risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations
and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts&rsquo; exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Trusts&rsquo; Statements of Assets and Liabilities, less any collateral held by the Trusts.</P>
<P STYLE="TEXT-ALIGN: left">As of April 30, 2012, BKN, BPS and BSD invested a significant portion of their assets in securities in the health sector. BFK and BSD invested a significant portion of their assets in securities in the transportation sector. Changes in economic conditions affecting the health or transportation sector would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.</P>
<P STYLE="TEXT-ALIGN: left"><B>7. Capital Share Transactions:</B></P>
<P STYLE="TEXT-ALIGN: left">BKK, BFK, BPS and BSD are authorized to issue an unlimited number of shares, including Preferred Shares, par value $0.001 per share, all of which were initially classified as Common Shares. BKN is authorized to issue 200 million shares including Preferred Shares, all of which were initially classified as Common Shares, par value $0.01 per share. BTA is authorized to issue an unlimited number of Common Shares, par value $0.001 per share. BTA is also allowed to issue Preferred Shares but has not done so. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without approval of Common Shareholders.</P>
<P STYLE="TEXT-ALIGN: left"><B>Common Shares</B></P>
<P STYLE="TEXT-ALIGN: left">For the years shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Year<BR> Ended<BR> April 30,<BR> 2012</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Year<BR> Ended<BR> April 30,<BR> 2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">BKN</TD><TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right">58,712</TD><TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">68,294</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BTA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,299</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,526</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BFK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">124,471</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">136,583</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BPS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,190</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,930</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">BSD</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">4,390</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">5,864</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">Shares issued and outstanding remained constant for BKK for the years ended April 30, 2012 and April 30, 2011.</P>
<P STYLE="TEXT-ALIGN: left"><B>Preferred Shares</B></P>
<P STYLE="TEXT-ALIGN: left">Each Trust&rsquo;s Preferred Shares rank prior to the Trust&rsquo;s Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the declaration of any dividend on the Trust&rsquo;s Common Shares or the repurchase of the Trust&rsquo;s Common Shares if the Trust fails to maintain the asset coverage of at least 200% of the liquidation preference of the outstanding Preferred Shares. In addition, pursuant to the Preferred Shares&rsquo; governing instrument, the Trust is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the Preferred Shares or repurchasing such shares if the Trust fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares governing instrument or comply with the basic maintenance amount requirement of the rating agencies then rating the Preferred Shares.</P>
<P STYLE="TEXT-ALIGN: left">The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust&rsquo;s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.</P>
<P STYLE="TEXT-ALIGN: left"><B>VMTP Shares</B></P>
<P STYLE="TEXT-ALIGN: left">BKN, BFK and BSD (collectively, the &ldquo;VMTP Trusts&rdquo;), have issued Series W-7 VMTP Shares, $100,000 liquidation value per share, in a privately negotiated offering and sale of VMTP Shares exempt from registration under the Securities Act of 1933.</P>
<P STYLE="TEXT-ALIGN: left">The VMTP Shares issued for the year ended April 30, 2012 were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom; border-top: Black 1px solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Issue Date</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Shares<BR> Issued</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Aggregate<BR> Principal</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: bottom; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Term Date</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; text-align: left; vertical-align: bottom">BKN</TD><TD STYLE="width: 1%; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">12/16/11</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,259</TD><TD STYLE="width: 6%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">125,900,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: center">1/02/15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: bottom">BFK</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/16/11</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">270,800,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/02/15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">BSD</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">12/16/11</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">429</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">42,900,000</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">1/02/15</TD></TR>
</TABLE>
<BR>
<P STYLE="text-align: left; margin-top: 3">Each VMTP Trust is required to redeem its VMTP Shares on the term date, unless earlier redeemed or repurchased or unless extended. There is no assurance that the term of the Trusts&rsquo; VMTP Shares will be extended or that the Trusts&rsquo; VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to term date, each VMTP Trust is required to begin to segregate liquid assets with the Trusts&rsquo; custodian to fund the redemption. In addition, each VMTP Trust is required to redeem certain of its outstanding VMTP Shares if it fails to maintain certain asset coverage, basic maintenance amount or leverage requirements.</P>
<P STYLE="TEXT-ALIGN: left">Subject to certain conditions, each VMTP Trust&rsquo;s VMTP Shares may be redeemed, in whole or in part, at any time at the option of the Trust. The redemption price per VMTP Share is equal to the liquidation value per share plus any outstanding unpaid dividends and applicable redemption premium. If the Trusts redeem the VMTP Shares on a date that is one year or more prior to the term date and the VMTP Shares are rated above A1/A+ by Moody&rsquo;s and Fitch, respectively, then such redemption is subject to a prescribed redemption premium based on the time remaining to the term date, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. The VMTP Shares are subject to certain restrictions on transfer, and a Trust may also be required to register the VMTP Shares for sale under the Securities Act of 1933 under certain circumstances. In addition, amendments to the VMTP governing document generally require the consent of the holders of VMTP Shares.</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (continued)</FONT></P>
<P STYLE="TEXT-ALIGN: left">Dividends on the VMTP Shares are payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by Moody&rsquo;s and Fitch. At the date of issuance, the VMTP Shares were assigned long-term ratings of Aaa from Moody&rsquo;s and AAA from Fitch. As of April 30, 2012, the long-term ratings on the VMTP Shares remain unchanged. In May, Moody&rsquo;s announced changes to its methodology for rating securities issued by registered closed-end funds, and it is currently reviewing all closed-end funds that it rates under the revised methodology for a possible downgrade. The dividend rate on the VMTP Shares is subject to a step-up spread if the Trust fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and maintaining certain asset coverage and leverage requirements.</P>
<P STYLE="TEXT-ALIGN: left">The average annualized dividend rates of the VMTP Shares for the year ended April 30, 2012 were as follows:</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1px solid; border-top: Black 1px solid"></TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; border-top: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid">Rate</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: left">BKN</TD><TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center; vertical-align: bottom">1.14%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BFK</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">1.14%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">BSD</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: center; vertical-align: bottom">1.14%</TD></TR>
</TABLE>
<BR>
<P STYLE="TEXT-ALIGN: left">For financial reporting purposes, VMTP Shares are considered debt of the issuer; therefore the liquidation value, which approximates fair value, of VMTP Shares is recorded as a liability in the Statements of Assets and Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends paid on the VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes.</P>
<P STYLE="TEXT-ALIGN: left"><B>AMPS</B></P>
<P STYLE="TEXT-ALIGN: left">The AMPS are redeemable at the option of BKK and BPS (the &ldquo;AMPS Trusts&rdquo;), 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 a Trust, as set forth in each AMPS Trust&rsquo;s Statement of Preferences (the &ldquo;Governing Instrument&rdquo;) are not satisfied.</P>
<P STYLE="TEXT-ALIGN: left">From time to time in the future, each Trust may effect repurchases of its AMPS at prices below their liquidation preference as agreed upon by the Trust and seller. Each Trust also may redeem its AMPS from time to time as provided in the applicable Governing Instrument. Each Trust intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.</P>
<P STYLE="TEXT-ALIGN: left">The AMPS Trusts had the following series of AMPS outstanding, effective yields and reset frequency as of April 30, 2012:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 18%; border-top: Black 1px solid"><B>Series</B></TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; width: 18%; border-top: Black 1px solid"><B>AMPS</B></TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Effective<BR>
Yield</B></TD>
     <TD STYLE="text-align: center; width: 18%; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Reset</B><BR>
<B>Frequency</B><BR>
<B>Days</B></TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>BKK</TD>
     <TD STYLE="text-align: center">M-7</TD>
     <TD STYLE="text-align: right">2,318</TD>
     <TD STYLE="text-align: center">0.38%</TD>
     <TD STYLE="text-align: center">7</TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>&nbsp;</TD>
     <TD STYLE="text-align: center">W-7</TD>
     <TD STYLE="text-align: right">2,318</TD>
     <TD STYLE="text-align: center">0.38%</TD>
     <TD STYLE="text-align: center">7</TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>&nbsp;</TD>
     <TD STYLE="text-align: center">&nbsp;F-7</TD>
     <TD STYLE="text-align: right">2,318</TD>
     <TD STYLE="text-align: center">0.38%</TD>
     <TD STYLE="text-align: center">7</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>BPS</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">W-7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">653</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">0.38%</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">7</TD></TR></TABLE><BR>
<P STYLE="text-align: left; margin-top: 3">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 the shares are successfully auctioned. The maximum applicable rate on this 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:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left; border-top: Black 1px solid">&nbsp;</TD>
     <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom; border-top: Black 1px solid"><B>Series</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Low</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>High</B></TD>
     <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid"><B>Average</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; width: 27%">BKN</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; width: 8%">T-7</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
     <TD STYLE="text-align: right; width: 11%">0.11</TD>
     <TD STYLE="text-align: left; width: 9%">%</TD>
     <TD STYLE="text-align: right; width: 11%">0.40</TD>
     <TD STYLE="text-align: left; width: 9%">%</TD>
     <TD STYLE="text-align: right; width: 12%">0.23</TD>
     <TD STYLE="text-align: left; width: 8%">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">T-28</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.15</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.38</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.26</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKK</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">M-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">W-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">F-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BFK</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">M-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.24</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">T-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.40</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">W-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">R-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">F-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BPS</TD>
     <TD STYLE="text-align: right; vertical-align: bottom">W-7</TD>
    <TD>&nbsp;</TD>
     <TD STYLE="text-align: right">0.11</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.41</TD>
     <TD STYLE="text-align: left">%</TD>
     <TD STYLE="text-align: right">0.23</TD>
     <TD STYLE="text-align: left">%</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1px solid">BSD</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: bottom">W-7</TD>
    <TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right">0.11</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right">1.22</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: right">0.26</TD>
     <TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD></TR></TABLE><BR>
<P STYLE="text-align: left; margin-top: 3">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 1.22% for the year ended April 30, 2012. 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&rsquo;s AMPS than buyers. A successful auction for the Trusts&rsquo; AMPS may not occur for some time, if ever, and even if liquidity does resume, holders of AMPS may not have the ability to sell the AMPS at their liquidation preference.</P>
<P STYLE="TEXT-ALIGN: left">The AMPS Trusts pay commissions of 0.15% on the aggregate principal amount of all shares that fail to clear their auctions and 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Certain broker dealers have individually agreed to reduce commissions for failed auctions. The commissions paid to these broker dealers are included in remarketing fees on Preferred Shares in the Statements of Operations.</P>
<P STYLE="TEXT-ALIGN: left">During the year ended April 30, 2012, BKN, BFK and BSD announced the following redemptions of AMPS at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Notes to Financial Statements (concluded)</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 18%">&nbsp;</TD>
     <TD STYLE="text-align: center; vertical-align: bottom; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 7%"><B>Series</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 25%"><B>Redemption</B><BR>
<B>Date</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 25%"><B>Shares</B><BR>
<B>Redeemed</B></TD>
     <TD STYLE="text-align: center; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 25%"><B>Aggregate</B><BR>
<B>Principal</B></TD></TR>
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left">BKN</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">T-7</TD>
     <TD STYLE="text-align: center">1/11/12</TD>
     <TD STYLE="text-align: center">2,804</TD>
     <TD STYLE="text-align: center">$70,100,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">T-28</TD>
     <TD STYLE="text-align: center">1/18/12</TD>
     <TD STYLE="text-align: center">2,234</TD>
     <TD STYLE="text-align: center">$55,850,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BFK</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">M-7</TD>
     <TD STYLE="text-align: center">1/10/12</TD>
     <TD STYLE="text-align: center">2,167</TD>
     <TD STYLE="text-align: center">$54,175,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">T-7</TD>
     <TD STYLE="text-align: center">1/11/12</TD>
     <TD STYLE="text-align: center">2,167</TD>
     <TD STYLE="text-align: center">$54,175,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">W-7</TD>
     <TD STYLE="text-align: center">1/12/12</TD>
     <TD STYLE="text-align: center">2,167</TD>
     <TD STYLE="text-align: center">$54,175,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">R-7</TD>
     <TD STYLE="text-align: center">1/13/12</TD>
     <TD STYLE="text-align: center">2,167</TD>
     <TD STYLE="text-align: center">$54,175,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 6.5pt">F-7</TD>
     <TD STYLE="text-align: center">1/09/12</TD>
     <TD STYLE="text-align: center">2,167</TD>
     <TD STYLE="text-align: center">$54,175,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>
     <TD STYLE="text-align: right; border-bottom: #000000 1px solid; vertical-align: bottom; padding-right: 6.5pt">W-7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1/12/12</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">1,719</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: center">$42,975,000</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">The Trusts financed the AMPS redemptions with proceeds received from the issuance of VMTP Shares of as follows:</P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR VALIGN=bottom>
     <TD STYLE="text-align: left; border-top: Black 1px solid">BKN</TD>
     <TD STYLE="text-align: right; border-top: Black 1px solid">$125,900,000</TD></TR>
<TR VALIGN=bottom>
     <TD ALIGN=left>BFK</TD>
     <TD ALIGN=right>$270,800,000</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=left>BSD</TD>
     <TD STYLE="BORDER-BOTTOM: #000000 1px solid" ALIGN=right>$&nbsp;&nbsp;42,900,000</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">AMPS issued and outstanding remained constant for BKK and BPS for the year ended April 30, 2012 and for all Trusts for the year ended April 30, 2011.</P>
<P STYLE="TEXT-ALIGN: left"><B>8. Subsequent Events:</B></P>
<P STYLE="TEXT-ALIGN: left">Management&rsquo;s evaluation of the impact of all subsequent events on the Trusts&rsquo; financial statements was completed through the date the financial statements were issued and the following items were noted:</P>
<P STYLE="TEXT-ALIGN: left">The Trusts paid a net investment income dividend in the following amounts per share on June 1, 2012 to Common Shareholders of record on May 15, 2012 as follows:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: Black 1px solid; text-align: center; border-top: Black 1px solid; width: 85%">&nbsp;</TD>
     <TD STYLE="border-top: Black 1px solid; border-bottom: Black 1px solid; text-align: right; vertical-align: bottom; width: 15%"><B>Common</B><BR>
<B>Dividend</B><BR>
<B>Per Share</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKN</TD>
     <TD STYLE="text-align: right">$0.08400</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BTA</TD>
     <TD STYLE="text-align: right">$0.06600</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKK</TD>
     <TD STYLE="text-align: right">$0.06225</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BFK</TD>
     <TD STYLE="text-align: right">$0.08010</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BPS</TD>
     <TD STYLE="text-align: right">$0.07600</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$0.07400</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">The dividends declared on AMPS or VMTP Shares for the period May 1, 2012 to May 31, 2012 were as follows:</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 75%">&nbsp;</TD>
     <TD STYLE="text-align: right; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 10%"><B>Series</B></TD>
     <TD STYLE="text-align: right; border-top: Black 1px solid; border-bottom: Black 1px solid; width: 15%"><B>AMPS/VMTP</B><BR>
<B>Dividends</B><BR>
<B>Declared</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKN VMTP Shares</TD>
     <TD STYLE="text-align: right">W-7</TD>
     <TD STYLE="text-align: right">$129,925</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKK</TD>
     <TD STYLE="text-align: right">M-7</TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;20,004</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">W-7</TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;19,147</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: right">F-7</TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;16,133</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BFK VMTP Shares</TD>
     <TD STYLE="text-align: right">W-7</TD>
     <TD STYLE="text-align: right">$279,457</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BPS</TD>
     <TD STYLE="text-align: right">W-7</TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;5,394</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD VMTP Shares</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">W-7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$&nbsp;&nbsp;44,271</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">Additionally, the Trusts declared a net investment income dividend in the following amounts per share on June 1, 2012 payable to Common Shareholders of record on June 15, 2012 as follows:</P>
<TABLE STYLE="FONT-FAMILY: 'Arial'; FONT-SIZE: 10pt" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="vertical-align: bottom">
     <TD STYLE="text-align: left; border-top: Black 1px solid; border-bottom: Black 1px solid">&nbsp;</TD>
     <TD STYLE="text-align: right; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Common</B><BR>
<B>Dividend</B><BR>
<B>Per Share</B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKN</TD>
     <TD STYLE="text-align: right">$0.08400</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BTA</TD>
     <TD STYLE="text-align: right">$0.06600</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BKK</TD>
     <TD STYLE="text-align: right">$0.06225</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BFK</TD>
     <TD STYLE="text-align: right">$0.08010</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">BPS</TD>
     <TD STYLE="text-align: right">$0.07100</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">BSD</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$0.07400</TD></TR></TABLE><BR>
<P STYLE="TEXT-ALIGN: left">On June 14, 2012, BPS issued 163 Series W-7 Variable Rate Demand Preferred Shares (&ldquo;VRDP Shares&rdquo;), $100,000 liquidation preference per share with a maturity date of July 1, 2042 and total proceeds received of $16,300,000 in a private offering of VRDP Shares to finance the redemption of the Fund&rsquo;s AMPS. Upon issuance, BPS announced a special rate period for a three-year term ending June 24, 2015. During the three-year term of the special rate period, BPS will not pay any liquidity and remarketing fees on the VRDP Shares and instead will pay dividends based on the sum of the SIFMA Municipal Swap Index and a percentage per annum based on the long-term ratings assigned to the VRDP Shares.</P>
<P STYLE="TEXT-ALIGN: left">On June 15, 2012, BPS announced the redemption of all outstanding Series W-7 AMPS, $16,325,000 aggregate principal plus any accrued and unpaid dividends through the expected redemption date of July 5, 2012.</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_013"></A>Report of Independent Registered Public Accounting Firm</FONT></P>
<P STYLE="TEXT-ALIGN: left"><B>To the Shareholders and Board of Directors/Trustees of<BR>
&nbsp;&nbsp;&nbsp; BlackRock Investment Quality Municipal Trust Inc.,<BR>
&nbsp;&nbsp;&nbsp; BlackRock Long-Term Municipal Advantage Trust,<BR>
&nbsp;&nbsp;&nbsp; BlackRock Municipal 2020 Term Trust,<BR>
&nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust,<BR>
&nbsp;&nbsp;&nbsp; BlackRock Pennsylvania Strategic Municipal Trust,<BR>
&nbsp;&nbsp;&nbsp; and BlackRock Strategic Municipal Trust:</B></P>
<P STYLE="TEXT-ALIGN: left">We have audited the accompanying statements of assets and liabilities, including the schedules of investments of BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal 2020 Term Trust, BlackRock Municipal Income Trust, BlackRock Pennsylvania Strategic Municipal Trust, and BlackRock Strategic Municipal Trust (collectively, the &ldquo;Trusts&rdquo;), as of April 30, 2012, the related statements of operations for the year then ended, the statements of cash flows for BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal Income Trust, and BlackRock Strategic Municipal Trust for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts&rsquo; management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</P>
<P STYLE="TEXT-ALIGN: left">We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not
required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts&rsquo;
internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of April 30, 2012, by correspondence with the custodian and brokers;
where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a
reasonable basis for our opinion.</P>
<P STYLE="TEXT-ALIGN: left">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal 2020 Term Trust, BlackRock Municipal Income Trust, BlackRock Pennsylvania Strategic Municipal Trust and BlackRock Strategic Municipal Trust as of April 30, 2012, and the results of their operations for the year then ended, their cash flows for BlackRock Investment Quality Municipal Trust Inc., BlackRock Long-Term Municipal Advantage Trust, BlackRock Municipal Income Trust, and BlackRock Strategic Municipal Trust for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.</P>
<P STYLE="TEXT-ALIGN: left">Deloitte &amp; Touche LLP<BR>
Boston, Massachusetts<BR>
June 27, 2012</P>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><A NAME="a_014"></A><FONT COLOR=#394c87>Important Tax Information </FONT><FONT COLOR=#394c87>(Unaudited)</FONT></P>
<P STYLE="TEXT-ALIGN: left">The following table summarizes the taxable per share distributions paid by BTA and BFK during the taxable year ended April 30, 2012.</P>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial; width: 100%">
<TR VALIGN=bottom>
     <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: left; width: 60%">&nbsp;</TD>
     <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: right; width: 15%"><B>Payable Date</B></TD>
     <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: left; width: 5%">&nbsp;</TD>
     <TD NOWRAP STYLE="border-bottom: #000000 1px solid; text-align: right; width: 20%"><B>Ordinary Income</B><B><SUP>1</SUP></B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>BTA</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></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left">Common Shareholders</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12/30/11</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5px; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$0.000049</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: left"><B>BFK</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></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">Common Shareholders</TD>
     <TD STYLE="text-align: right">12/30/11</TD>
     <TD STYLE="text-indent: 5px; text-align: right"></TD>
     <TD STYLE="text-align: right">$0.000450</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-align: left">Preferred Shareholders:</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD>
     <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series M7</TD>
     <TD STYLE="text-align: right">12/06/11</TD>
     <TD STYLE="text-indent: 5px; text-align: right"></TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series T7</TD>
     <TD STYLE="text-align: right">12/07/11</TD>
     <TD STYLE="text-indent: 5px; text-align: right"></TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series W7</TD>
     <TD STYLE="text-align: right">12/08/11</TD>
     <TD STYLE="text-indent: 5px; text-align: right"></TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="text-indent: 12px; text-align: left">Series R7.</TD>
     <TD STYLE="text-align: right">12/09/11</TD>
     <TD STYLE="text-indent: 5px; text-align: right"></TD>
     <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 12px; text-align: left">Series F7</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">12/05/11</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-indent: 5px; text-align: right">&nbsp;</TD>
     <TD STYLE="border-bottom: #000000 1px solid; text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04</TD></TR></TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 8pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Additionally, all ordinary income distributions are comprised of interest related
dividends for non-US residents and are eligible for exemption from US withholding tax for nonresident aliens and foreign corporations.</TD>
</TR></TABLE>
<P STYLE="TEXT-ALIGN: left">All other net investment income distributions paid by BKN, BTA, BKK, BFK, BPS and BSD during the taxable year ended April 30, 2012 qualify as tax-exempt interest dividends for federal income tax purposes.</P>
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<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_015"></A>Automatic Dividend Reinvestment Plans</FONT></P>
<P STYLE="TEXT-ALIGN: left">Pursuant to each Trust&rsquo;s Dividend Reinvestment Plan (the &ldquo;Reinvestment Plan&rdquo;), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the &ldquo;Reinvestment Plan Agent&rdquo;) in the respective Trust&rsquo;s shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.</P>
<P STYLE="TEXT-ALIGN: left">After BKN, BTA, BFK, BPS and BSD declares a dividend or determines to make a capital gain distribution, the Reinvestment Plan Agent will acquire shares for the participants&rsquo; accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (&ldquo;newly issued shares&rdquo;) or (ii) by purchase of outstanding shares on the open market or on the Trust&rsquo;s primary exchange (&ldquo;open-market purchases&rdquo;). If, on the dividend payment date, the net asset value per share (&ldquo;NAV&rdquo;) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a &ldquo;market premium&rdquo;), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant&rsquo;s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a &ldquo;market discount&rdquo;), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.</P>
<P STYLE="TEXT-ALIGN: left">After BKK declares a dividend or determines to make a capital gain distribution, the Reinvestment Plan Agent will acquire shares for the participants&rsquo; account by the purchase of outstanding shares on the open market, on BKK&rsquo;s primary exchange (&ldquo;open market purchases&rdquo;). BKK will not issue any new shares under the Reinvestment Plan.</P>
<P STYLE="TEXT-ALIGN: left">Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.</P>
<P STYLE="TEXT-ALIGN: left">The Reinvestment Plan Agent&rsquo;s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent&rsquo;s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.</P>
<P STYLE="TEXT-ALIGN: left">Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan. However, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078, Telephone: (800) 699-1236 or overnight correspondence should be directed to the Reinvestment Plan Agent at 250 Royall Street, Canton, MA 02021.</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><A NAME="a_016"></A><FONT COLOR=#394c87>Officers and Trustees</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 15%; padding-right: 4pt"><B>Name, Address<BR>
and Year of Birth</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 9%; padding-right: 4pt"><B>Position(s)<BR>
Held with<BR>
Trusts</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 9%; padding-right: 4pt"><B>Length<BR>
of Time<BR>
Served as<BR>
a Trustee<SUP>2</SUP></B></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 37%; padding-right: 4pt"><B>Principal Occupation(s) During Past Five&nbsp;Years</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 18%; padding-right: 4pt"><B>Number of BlackRock-<BR>
Advised Registered<BR>
Investment Companies<BR>
(&ldquo;RICs&rdquo;) Consisting of<BR>
Investment Portfolios<BR>
(&ldquo;Portfolios&rdquo;)&nbsp;Overseen</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 12%"><B>Public<BR>
Directorships</B></TD>
  </TR>



  <TR VALIGN=bottom>

    <TD COLSPAN="6" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Independent Trustees</FONT></B><B><SUP><FONT STYLE="color: #394c87">1</FONT></SUP></B></TD>
  </TR>



  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Richard E. Cavanagh</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1946</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Chairman<BR>

of the Board<BR>

and Trustee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

1994</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The

Guardian Life Insurance Company of America since 1998; Director,

Arch Chemical (chemical and allied products) from 1999 to 2011;

Trustee, Educational Testing Service from 1997 to 2009 and Chairman

thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Adjunct Lecturer, Harvard

University since 2007; President and Chief Executive Officer, The

Conference Board, Inc. (global business research organization) from 1995 to 2007.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICS consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD>
  </TR>







  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Karen P. Robards</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1950</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Vice Chairperson<BR>

of the Board,<BR>

Chairperson<BR>

of the Audit<BR>

Committee<BR>

and Trustee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Partner of Robards &amp; Company, LLC (financial advisory firm) since

1987; Co-founder and Director of the Cooke Center for Learning and

Development (a not-for-profit organization) since 1987; Director of

Care Investment Trust, Inc. (health care real estate investment trust)

from 2007 to 2010; Director of Enable Medical Corp. from 1996

to 2005; Investment Banker at Morgan Stanley from 1976 to 1987.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">AtriCure, Inc.<BR>

(medical devices)</TD>
  </TR>




  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Michael J. Castellano</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1946</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee<BR>

and Member<BR>

of the Audit<BR>

Committee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2011</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Managing Director and Chief Financial Officer of Lazard Group LLC

from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004

to 2011; Director, Support Our Aging Religions (non-profit) since

2009; Director, National Advisory Board of Church Management

at Villanova University since 2010.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Frank J. Fabozzi</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1948</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee<BR>

and Member<BR>

of the Audit<BR>

Committee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

1993</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Editor of and Consultant for The Journal of Portfolio Management since

1986; Professor of Finance, EDHEC Business School since 2011;

Professor in the Practice of Finance and Becton Fellow, Yale University

School of Management from 2006 to 2011; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD>
  </TR>





  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Kathleen F. Feldstein</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1941</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2005</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">President of Economics Studies, Inc. (private economic consulting

firm) since 1987; Chair, Board of Trustees, McLean Hospital from

2000 to 2008 and Trustee Emeritus thereof since 2008; Member of

the Board of Partners Community Healthcare, Inc. from 2005 to 2009;

Member of the Corporation of Partners HealthCare since 1995;

Trustee, Museum of Fine Arts, Boston since 1992; Member of the

Visiting Committee to the Harvard University Art Museum since 2003;

Director, Catholic Charities of Boston since 2009.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">The McClatchy<BR>

Company (publishing) Bellsouth<BR>

(telecommunications);<BR>

Knight Ridder<BR>

(publishing)</TD>
  </TR>





  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>James T. Flynn</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1939</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee<BR>

and Member<BR>

of the Audit<BR>

Committee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Chief Financial Officer of JP Morgan &amp; Co., Inc. from 1990 to 1995.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Jerrold B. Harris</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1942</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee, Ursinus College since 2000; Director, Troemner LLC

(scientific equipment) since 2000; Director of Delta Waterfowl

Foundation since 2001; President and Chief Executive Officer, VWR

Scientific Products Corporation from 1990 to 1999.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">BlackRock Kelso<BR>

Capital Corp. (business<BR>

development company)</TD>
  </TR>
</TABLE>
<BR>
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    <DIV STYLE="margin-top: 6pt; 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%">ANNUAL REPORT</TD><TD STYLE="text-align: center; width: 34%">APRIL 30, 2012</TD><TD STYLE="text-align: right; width: 33%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Officers and Trustees (continued)</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 15%; padding-right: 4pt"><B>Name, Address<BR>
and Year of Birth</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 9%; padding-right: 4pt"><B>Position(s)<BR>
Held with<BR>
Trusts</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 9%; padding-right: 4pt"><B>Length<BR>
of Time<BR>
Served as<BR>
a Trustee<SUP>2</SUP></B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 37%; padding-right: 4pt"><B>Principal Occupation(s) During Past Five Years</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 18%; padding-right: 4pt"><B>Number of BlackRock-<BR>
Advised Registered<BR>
Investment Companies<BR>
(&ldquo;RICs&rdquo;) Consisting of<BR>
Investment Portfolios<BR>
(&ldquo;Portfolios&rdquo;)&nbsp;Overseen</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 12%"><B>Public<BR>
Directorships</B></TD>
  </TR>

  <TR VALIGN=bottom>

    <TD COLSPAN="6" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Independent Trustees</FONT></B><B><SUP><FONT STYLE="color: #394c87">1 </FONT></SUP></B><B><FONT STYLE="color: #394c87">(concluded)</FONT></B></TD>
  </TR>

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>R. Glenn Hubbard</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1958</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2004</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Dean, Columbia Business School since 2004; Columbia faculty

member since 1988; Co-Director, Columbia Business School&rsquo;s

Entrepreneurship Program from 1997 to 2004; Chairman, U.S.

Council of Economic Advisers under the President of the United

States from 2001 to 2003; Chairman, Economic Policy Committee

of the OECD from 2001 to 2003.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">ADP (data and<BR>

information services)<BR>

KKR Financial<BR>

Corporation (finance)<BR>

Metropolitan Life<BR>

Insurance Company<BR>

(insurance)</TD>
  </TR>


  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>W. Carl Kester</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1951</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee<BR>

and Member<BR>

of the Audit<BR>

Committee</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">George Fisher Baker Jr. Professor of Business Administration, Harvard

Business School; Deputy Dean for Academic Affairs from 2006 to

2010; Chairman of the Finance Department, Harvard Business School

from 2005 to 2006; Senior Associate Dean and Chairman of the MBA

Program of Harvard Business School from 1999 to 2005; Member of

the faculty of Harvard Business School since 1981.</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">96 RICs consisting of<BR>

96 Portfolios</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD>
  </TR>
</TABLE>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%; text-align: right"></TD><TD STYLE="width: 2%"><SUP>1</SUP></TD><TD STYLE="width: 83%">Trustees serve until their resignation, removal or death, or until December 31 of
the year in which they turn 72. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees
upon finding good cause thereof. In 2011, the Board of Trustees unanimously approved extending the mandatory retirement age for
James T. Flynn by one additional year, which the Board believes would be in the best interest of shareholders.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 15%; text-align: right"></TD><TD STYLE="width: 2%"><SUP>2</SUP></TD><TD STYLE="width: 83%">Date shown is the earliest date a person has served for the Trusts covered by this
annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (&ldquo;MLIM&rdquo;) and BlackRock, Inc. (&ldquo;BlackRock&rdquo;)
in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new fund
boards in 2007. As a result, although the chart shows certain Trustees as joining the Trusts&rsquo; board in 2007, each Trustee
first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: Richard E. Cavanagh, 1994; Frank
J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl
Kester, 1995 and Karen P. Robards, 1998.</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">
<TR STYLE="vertical-align: bottom">
     <TD COLSPAN="6" STYLE="text-align: left; color: rgb(57,76,135); border-top: rgb(57,76,165) 2pt solid; border-bottom: rgb(57,76,165) 1pt solid; padding: 1pt 6pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Interested Trustees</FONT></B><B><SUP><FONT COLOR=#394c87>3</FONT></SUP></B></TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="vertical-align: top; text-align: left; width: 15%; padding-right: 4pt; border-bottom: Black 1px solid"><B>Paul L. Audet</B><BR>
55 East 52nd Street<BR>
New York, NY 10055<BR>
1953</TD>
     <TD STYLE="vertical-align: top; text-align: left; width: 9%; padding-right: 4pt; border-bottom: Black 1px solid">Trustee</TD>
     <TD STYLE="vertical-align: top; text-align: left; width: 9%; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>
2011</TD>
     <TD STYLE="vertical-align: top; text-align: left; width: 37%; padding-right: 4pt; border-bottom: Black 1px solid">Senior Managing Director of BlackRock and Head of US Mutual
     Funds since 2011; Chair of the US Mutual Funds Committee reporting to the Global Executive Committee since 2011;      Head
     of      BlackRock&rsquo;s Real Estate business from 2008 to 2011; Member of BlackRock&rsquo;s Global Operating and
     Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee
     for the Private Equity Fund of Funds business since 2008; Head of BlackRock&rsquo;s Global Cash Management           business
     from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer      of
     BlackRock from 1998 to 2005.</TD>
     <TD STYLE="vertical-align: top; text-align: left; width: 18%; padding-right: 4pt; border-bottom: Black 1px solid">158 RICs consisting of<BR>
281 Portfolios</TD>
     <TD STYLE="vertical-align: top; text-align: left; width: 12%; border-bottom: Black 1px solid">None</TD></TR>
<TR VALIGN=bottom>
     <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Henry Gabbay</B><BR>
55 East 52nd Street<BR>
New York, NY 10055<BR>
1947</TD>
     <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Trustee</TD>
     <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>
2007</TD>
     <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Consultant, BlackRock, from 2007 to 2008; Managing Director, BlackRock,
     from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock
     Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007; Treasurer of certain closed-end funds in the
     BlackRock fund complex from 1989 to 2006.</TD>
     <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">158 RICs consisting of<BR>
281 Portfolios</TD>
     <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">None</TD></TR></TABLE><BR>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%; text-align: right">&nbsp;</TD><TD STYLE="width: 2%"><SUP>3</SUP></TD><TD STYLE="width: 83%">Mr. Audet is an &ldquo;interested person,&rdquo; as defined in the 1940 Act, of the
Trusts based on his position with BlackRock and its affiliates. Mr. Gabbay is an &ldquo;interested person&rdquo; of the Trusts
based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services
Group, Inc. securities. Mr. Audet and Mr. Gabbay are also Trustees of the BlackRock registered open-end funds. Trustees serve
until their resignation, removal or death, or until December 31 of the year in which they turn 72. The maximum age limitation
may be waived as to any Trustee by action of a majority of the Trustees upon finding good cause thereof.</TD>
</TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 50%; border: Black 1px solid">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: left; padding: 6pt; text-indent: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">John F. Powers,
    who was a Trustee of the Trusts, resigned as of February 21, 2012.</TD></TR>
</TABLE><BR>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; 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 -->60<!-- Field: /Sequence --></TD><TD STYLE="text-align: center; width: 34%">ANNUAL REPORT</TD><TD STYLE="text-align: right; width: 33%">APRIL 30, 2012</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87>Officers and Trustees (concluded)</FONT></P>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%">

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 18%; padding-right: 4pt"><B>Name, Address<BR>
and Year of Birth</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 10%; padding-right: 4pt"><B>Position(s)<BR>
Held with<BR>
Trusts</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 10%; padding-right: 4pt"><B>Length of<BR>
Time Served</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; width: 62%"><B>Principal Occupation(s) During Past Five Years</B></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: 1pt 4pt 1pt 12pt; background-color: rgb(227,227,239); font-family: Arial, Helvetica, Sans-Serif"><B><FONT STYLE="color: #394c87">Officers</FONT></B><B><SUP><FONT STYLE="color: #394c87">1</FONT></SUP></B></TD>
  </TR>



  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>John M. Perlowski</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1964</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">President and<BR>

Chief<BR>

Executive<BR>

Officer</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2011</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Administration since 2009;

Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management,

L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President

thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource

Network (charitable foundation) since 2009.</TD>
  </TR>




  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Anne Ackerley</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1962</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Vice<BR>

President</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007<SUP>2</SUP></TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Managing Director of BlackRock since 2000; Chief Marketing Officer of BlackRock since 2012; President and Chief

Executive Officer of the BlackRock-advised fundsfrom 2009 to 2011; Vice President of the BlackRock-advised funds from

2007 to 2009; Chief Operating Officer of BlackRock&rsquo;s Global Client Group since 2009 to 2012; Chief Operating Officer of

BlackRock&rsquo;s U.S. Retail Group from 2006 to 2009; Head of BlackRock&rsquo;s Mutual Fund Group from 2000 to 2006.</TD>
  </TR>




  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Brendan Kyne</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1977</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Vice<BR>

President</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2009</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product

Development and Management for BlackRock&rsquo;s US Retail Group since 2009, and Co-head thereof from 2007 to 2009; Vice President of BlackRock from 2005 to 2008.</TD>
  </TR>


  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Neal Andrews</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1966</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Chief<BR>

Financial<BR>

Officer</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund

Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.</TD>
  </TR>


  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Jay Fife</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1970</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Treasurer</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Managing Director of BlackRock since 2007, Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund

Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</TD>
  </TR>

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid"><B>Brian Kindelan</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1959</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Chief<BR>

Compliance<BR>

Officer and<BR>

Anti-Money<BR>

Laundering Officer</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt; border-bottom: Black 1px solid">Since<BR>

2007</TD>
    <TD STYLE="vertical-align: top; text-align: left; border-bottom: Black 1px solid">Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel

of BlackRock since 2005.</TD>
  </TR>




  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 4pt"><B>Ira P. Shapiro</B><BR>

55 East 52nd Street<BR>

New York, NY 10055<BR>

1963</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt">Secretary</TD>
    <TD STYLE="vertical-align: top; text-align: left; padding-right: 4pt">Since<BR>

2010</TD>
    <TD STYLE="vertical-align: top; text-align: left">Managing Director of BlackRock since 2009; Managing Director and Associate General Counsel of Barclays Global

Investors from 2008 to 2009 and Principal thereof from 2004 to 2008.</TD>
  </TR>
</TABLE>
<TABLE BORDER="0" CELLSPACING="0" STYLE="font: 8pt Arial; width: 100%; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18%; text-align: right">&nbsp;</TD><TD STYLE="width: 2%; border-top: Black 1px solid"><SUP>1</SUP></TD><TD STYLE="width: 80%; border-top: Black 1px solid">Officers of the Trusts serve at the pleasure of the Boards.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: right">&nbsp;</TD><TD><SUP>2</SUP></TD><TD>Ms. Ackerley was President and Chief Executive Officer from 2009 to 2011.</TD>
</TR></TABLE>
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial; width: 100%">

  <TR VALIGN=bottom>

    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 6pt; border-top: Black 1px solid">
      <P><B>Investment Advisor</B><BR>

BlackRock Advisors, LLC<BR>

Wilmington, DE 19809</P>
      <P><B>Sub-Advisor</B><BR>

BlackRock Financial Management, Inc.<BR>

New York, NY 10022</P>
      <P><B>Custodian and Accounting Agent</B> <BR>
      State Street Bank and Trust Company<BR>

Boston, MA 02110</P>
    </TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 6pt; border-top: Black 1px solid">
      <P><B>Transfer Agent</B><BR>

Computershare Trust Company, N.A.<BR>

Canton, MA 02021</P>
      <P><B>AMPS Auction Agent</B><BR>

The Bank of New York Mellon<BR>

New York, NY 10286</P>
      <P><B>VMTP Redemption and Paying Agent</B> <BR>
      The Bank of New York Mellon<BR>

New York, NY 10289</P>
    </TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 6pt; border-top: Black 1px solid">
      <P><B>Independent Registered</B><BR>

<B>Public Accounting Firm</B><BR>

Deloitte &amp; Touche LLP<BR>

Boston, MA 02116</P>
      <P>
      <B>Legal Counsel</B><BR>

Skadden, Arps, Slate,<BR>

Meagher &amp; Flom LLP<BR>

New York, NY 10036
    </P>
    </TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; border-top: Black 1px solid"><B>Address of the Trusts</B><BR>

100 Bellevue Parkway<BR>

Wilmington, DE 19809</TD>
  </TR>













</TABLE>
<BR>
<!-- Field: Page; Sequence: 24 -->
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><FONT COLOR=#394c87><A NAME="a_017"></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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Trust Certification</FONT></B></P>
<P STYLE="TEXT-ALIGN: left">Certain Trusts are listed for trading on the NYSE and have filed with the NYSE their annual
chief executive officer certification regarding compliance with the NYSE&rsquo;s listing standards. The Trusts filed with the
SEC the certification of its chief executive officer and chief financial officer required by section 302 of the
Sarbanes-Oxley Act.</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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>Dividend Policy</FONT></B></P>
<P STYLE="TEXT-ALIGN: left">Each Trust&rsquo;s dividend policy is to distribute all or a portion of its net investment
income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend
distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular
month and may at times in any particular month pay out such accumulated but undistributed income in addition to net
investment income earned in that month. As a result, the dividends paid by the Trusts for any particular month may be more or
less than the amount of net investment income earned by the Trusts during such month. The Trusts&rsquo; current accumulated
but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises
part of the financial information included in this report.</P>
<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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>General Information</FONT></B></P>
<P STYLE="TEXT-ALIGN: left">On July 29, 2010, the Manager announced that a derivative complaint had been filed by shareholders of BSD and BFK, on July 27, 2010 in the Supreme Court of the State of New York, New York County. The complaint names the Manager, BlackRock, Inc. and certain of the trustees, officers and portfolio managers of BSD and BFK (collectively, the &ldquo;Defendants&rdquo;) as defendants. The complaint alleges, among other things, that the Defendants breached fiduciary duties owed to BSD and BFK and each of their Common Shareholders by redeeming AMPS at their liquidation preference. The complaint seeks unspecified damages for losses purportedly suffered by BSD and BFK as a result of the prior redemptions and injunctive relief preventing BSD and BFK from redeeming AMPS at their liquidation preference in the future. On March 15, 2012, the Supreme Court of New York, New York County, entered an order consolidating the above-referenced derivative complaint with another derivative complaint, containing almost identical allegations, already pending in that court. The court on March 15, 2012 also granted plaintiffs permission to file an amended complaint. On April 16, 2012, the plaintiffs filed a consolidated shareholder derivative complaint. The Defendants believe that the claims asserted in the consolidated shareholder derivative complaint are without merit and intend to vigorously defend themselves in the litigation.</P>
<P STYLE="TEXT-ALIGN: left">On February 9, 2012, the Board of BTA approved the removal of BTA&rsquo;s non-fundamental
investment policies limiting BTA&rsquo;s investment in residual interest municipal tender option bonds to 25% of its net
assets and requiring that swaps may only be entered into with counterparties that are rated either A or A-1 or better by
S&amp;P or Fitch, or A or P-1 or better by Moody&rsquo;s. As a result of these investment policy changes, BTA may invest more
than 25% of its net assets in residual interest municipal tender option bonds, which are derivative municipal securities that
have embedded in them the risk of economic leverage. See The Benefits and Risks of Leveraging on page 11 and Note 1 of the
Notes to Financial Statements. In addition, BTA may enter into swaps with any counterparties approved by the Manager. Such
counterparties may entail a greater degree of credit risk or risk of nonperformance than counterparties rated either A or A-1
or better by S&amp;P or Fitch, or A or P-1 or better by Moody&rsquo;s. The Manager will seek to minimize BTA&rsquo;s exposure
to counterparty risk by entering into swaps with counterparties the Manager believes to be creditworthy at the time they
enter into such transactions. To the extent BTA engages in swaps, shareholders of BTA will be dependent on the analytical
ability of the Manager to evaluate the credit quality of counterparties to such transactions. In the event of the insolvency
of a counterparty, BTA may not be able to recover its assets, in full or at all, during the insolvency process. In addition,
counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply
essentially discretionary margin and credit requirements. The foregoing investment policy amendments will not alter
BTA&rsquo;s investment objective.</P>
<P STYLE="TEXT-ALIGN: left">The Trusts do not make available copies of their Statements of Additional Information because the Trusts&rsquo; shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust&rsquo;s offerings and the information contained in each Trust&rsquo;s Statement of Additional Information may have become outdated.</P>
<P STYLE="TEXT-ALIGN: left">During the period, except with noted above, there were no material changes in the Trusts&rsquo; investment objectives or policies or to the Trusts&rsquo; charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts&rsquo; portfolios.</P>
<P STYLE="TEXT-ALIGN: left">Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock&rsquo;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&rsquo;s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock&rsquo;s website in this report.</P>
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<BR>
<P STYLE="text-align: left; font: 14pt Arial, Helvetica, Sans-Serif; border-top: rgb(57,76,165) 4pt solid"><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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>General Information (concluded)</FONT></B></P>
<P STYLE="TEXT-ALIGN: left"><B>Electronic Delivery</B></P>
<P STYLE="TEXT-ALIGN: left">Electronic copies of most financial reports are available on the Trusts&rsquo; web-sites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Trusts&rsquo; electronic delivery program.</P>
<P STYLE="TEXT-ALIGN: left"><B>Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:</B></P>
<P STYLE="TEXT-ALIGN: left">Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</P>
<P STYLE="TEXT-ALIGN: left"><B>Householding</B></P>
<P STYLE="TEXT-ALIGN: left">The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called &ldquo;householding&rdquo; and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.</P>
<P STYLE="TEXT-ALIGN: left"><B>Availability of Quarterly Schedule of Investments</B></P>
<P STYLE="TEXT-ALIGN: left">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&rsquo; Forms N-Q are available on the SEC&rsquo;s website at http://www.sec.gov
and may also be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C. Information on how to access
documents on the SEC&rsquo;s website without charge may be obtained by calling (800) SEC-0330. The Trusts&rsquo; Forms N-Q may
also be obtained upon request and without charge by calling (800) 441-7762.</P>
<P STYLE="TEXT-ALIGN: left"><B>Availability of Proxy Voting Policies and Procedures</B></P>
<P STYLE="TEXT-ALIGN: left">A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC&rsquo;s website at http://www.sec.gov.</P>
<P STYLE="TEXT-ALIGN: left"><B>Availability of Proxy Voting Record</B></P>
<P STYLE="TEXT-ALIGN: left">Information about how the Trusts voted proxies relating to securities held in the Trusts&rsquo; portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC&rsquo;s website at http://www.sec.gov.</P>
<P STYLE="TEXT-ALIGN: left"><B>Availability of Trust Updates</B></P>
<P STYLE="TEXT-ALIGN: left">BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the &ldquo;Closed-end Funds&rdquo; section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock&rsquo;s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock&rsquo;s website in this report.</P>
<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; font-family: Arial, Helvetica, Sans-Serif"><B><FONT COLOR=#394c87>BlackRock Privacy Principles</FONT></B></P>
<P STYLE="TEXT-ALIGN: left">BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, &ldquo;Clients&rdquo;) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.</P>
<P STYLE="TEXT-ALIGN: left">If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.</P>
<P STYLE="TEXT-ALIGN: left">BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.</P>
<P STYLE="TEXT-ALIGN: left">BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.</P>
<P STYLE="TEXT-ALIGN: left">We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.</P>
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<BR>
<P STYLE="TEXT-ALIGN: left">This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Certain Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in the dividend rates of the Preferred Shares, including AMPS, which are currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares&rsquo; yield. Statements and other information herein are as dated and are subject to change.</P>
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<TR STYLE="vertical-align: top">
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    <TD STYLE="width: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0pt; text-indent: 0pt; vertical-align: bottom"><IMG SRC="blackrocklogo.jpg" ALT=""></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt"></P>



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<TD STYLE="width: 17pt; text-align: right">Item&nbsp;2&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Code of Ethics &ndash; The registrant (or the &ldquo;Fund&rdquo;) has adopted a code
of ethics, as of the end of the period covered by this report, applicable to the registrant&rsquo;s principal executive officer,
principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period
covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics
is available without charge at www.blackrock.com.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;3&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Audit Committee Financial Expert &ndash; The registrant&rsquo;s board of directors
(the &ldquo;board of directors&rdquo;), has determined that (i) the registrant has the following audit committee financial experts
serving on its audit committee and (ii) each audit committee financial expert is independent:
</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">Frank
J. Fabozzi<BR>
James T. Flynn<BR>
W. Carl Kester<BR>
Karen P. Robards</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-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">The registrant&rsquo;s board of directors
has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt"><FONT STYLE="font-size: 11pt">Prof. Kester has a thorough
understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as
well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services
to corporate clients since 1978. Prof. Kester&rsquo;s financial consulting services present a breadth and level of complexity of
accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised
by the registrant&rsquo;s financial statements.<BR>
<BR>
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control
over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards &amp; Company, a financial
advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating
and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing
financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.<BR>
<BR>
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an &ldquo;expert&rdquo;
for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being
designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial
expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities
imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or
liability of any other member of the audit committee or board of directors. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt">&nbsp;</P>

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<TD STYLE="width: 17pt; text-align: right">Item&nbsp;4&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Principal Accountant Fees and Services</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">The following table presents fees billed by Deloitte
&amp; Touche LLP (&ldquo;D&amp;T&rdquo;) in each of the last two fiscal years for the services rendered to the Fund:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">(a) Audit Fees</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>(b) Audit-Related Fees<SUP>1</SUP></B></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>(c) Tax Fees<SUP>2</SUP></B></TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><B>(d) All Other Fees<SUP>3</SUP></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Entity Name</TD>
    <TD STYLE="width: 11%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Current Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Previous Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Current Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Previous Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Current Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Previous Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Current Fiscal Year End</TD>
    <TD STYLE="width: 10%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Previous Fiscal Year End</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top">BlackRock Long-Term Municipal Advantage Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$31,300</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$30,700</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$10,800</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$10,300</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$0</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">The following table presents fees billed by D&amp;T that
were required to be approved by the registrant&rsquo;s audit committee (the &ldquo;Committee&rdquo;) for services that relate directly
to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (&ldquo;Investment
Adviser&rdquo; or &ldquo;BlackRock&rdquo;) and entities controlling, controlled by, or under common control with BlackRock (not
including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
adviser) that provide ongoing services to the Fund (&ldquo;Fund Service Providers&rdquo;):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border: windowtext 1pt solid; padding-right: -0.25in">&nbsp;</TD>
    <TD STYLE="width: 31%; border: windowtext 1pt solid; padding-right: -0.25in; font-weight: bold; text-align: center">Current Fiscal Year End</TD>
    <TD STYLE="width: 38%; border: windowtext 1pt solid; padding-right: -0.25in; font-weight: bold; text-align: center">Previous Fiscal Year End</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: -0.25in; font-weight: bold"><B>(b) Audit-Related Fees<SUP>1</SUP></B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: -0.25in; font-weight: bold"><B>(c) Tax Fees<SUP>2</SUP></B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: -0.25in; font-weight: bold"><B>(d) All Other Fees<SUP>3</SUP></B></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$2,970,000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.25in; text-align: center">$3,030,000</TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><SUP>1
</SUP>The nature of the services includes assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><SUP>2
</SUP>The nature of the services includes tax compliance, tax advice and tax planning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="font-size: 8pt"><SUP>3
</SUP>Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed
by D&amp;T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
</font></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><FONT STYLE="font-size: 11pt">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 24pt">The
Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance
services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must
approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and
Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these
non-audit services that the Committee believes are a) consistent with the SEC&rsquo;s auditor independence rules and b) routine
and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without
consideration on a specific case-by-case basis (&ldquo;general pre-approval&rdquo;). The term of any general pre-approval is 12
months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services
provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be
deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per
project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 24pt">Any proposed services
exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject
to general pre-approval (e.g., </P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt">unanticipated but permissible services). The Committee is informed of each service approved subject
to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services
is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the
provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost
levels.<BR>
<BR>
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis
exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.<BR>
<BR>
(f) Not Applicable<BR>
<BR>
(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment
Adviser and the Fund Service Providers were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 8pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Entity Name</TD>
    <TD STYLE="width: 31%; border: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Current Fiscal Year <BR>
End</TD>
    <TD STYLE="width: 29%; border: windowtext 1pt solid; font-weight: bold; text-decoration: underline; text-align: center">Previous Fiscal Year End</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid">BlackRock Long-Term Municipal Advantage Trust</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$10,800</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">$10,300</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-indent: -41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt"><FONT STYLE="font-size: 11pt">Additionally,
SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,970,000</FONT><FONT STYLE="font-size: 8pt">
</FONT><FONT STYLE="font-size: 11pt">and $3,030,000, respectively, were billed by D&amp;T to the Investment Adviser.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt">(h) The Committee has considered
and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Fund Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant&rsquo;s independence.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;5&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Audit Committee of Listed Registrants</TD>
</TR></TABLE>

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<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-size: 11pt">The following individuals are members of the registrant&rsquo;s
separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act
of 1934 (15 U.S.C. 78c(a)(58)(A)):</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt">
Michael Castellano<BR>
Frank J. Fabozzi<BR>
James T. Flynn<BR>
W. Carl Kester<BR>
Karen P. Robards</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-size: 11pt">Not Applicable</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;6&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Investments</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt">
(a) The registrant&rsquo;s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this
Form.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt">
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt"></P>

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<TD STYLE="width: 17pt; text-align: right">Item&nbsp;7&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Disclosure
                                                                                                          of Proxy Voting Policies
                                                                                                          and Procedures for Closed-End
                                                                                                          Management Investment
                                                                                                          Companies &ndash; The
                                                                                                          board of directors has
                                                                                                          delegated the voting
                                                                                                          of proxies for the Fund&rsquo;s
                                                                                                          portfolio securities
                                                                                                          to the Investment Adviser
                                                                                                          pursuant to the Investment
                                                                                                          Adviser&rsquo;s proxy
                                                                                                          voting guidelines. Under
                                                                                                          these guidelines, the
                                                                                                          Investment Adviser will
                                                                                                          vote proxies related
                                                                                                          to Fund securities in
                                                                                                          the best interests of
                                                                                                          the Fund and its stockholders.
                                                                                                          From time to time, a
                                                                                                          vote may present a conflict
                                                                                                          between the interests
                                                                                                          of the Fund&rsquo;s
                                                                                                          stockholders, on the
                                                                                                          one hand, and those
                                                                                                          of the Investment Adviser,
                                                                                                          or any affiliated person
                                                                                                          of the Fund or the Investment
                                                                                                          Adviser, on the other.
                                                                                                          In such event, provided
                                                                                                          that the Investment
                                                                                                          Adviser&rsquo;s Equity
                                                                                                          Investment Policy Oversight
                                                                                                          Committee, or a sub-committee
                                                                                                          thereof (the &ldquo;Oversight
                                                                                                          Committee&rdquo;) is
                                                                                                          aware of the real or
                                                                                                          potential conflict or
                                                                                                          material non-routine
                                                                                                          matter and if the Oversight
                                                                                                          Committee does not reasonably
                                                                                                          believe it is able to
                                                                                                          follow its general voting
                                                                                                          guidelines (or if the
                                                                                                          particular proxy matter
                                                                                                          is not addressed in
                                                                                                          the guidelines) and
                                                                                                          vote impartially, the
                                                                                                          Oversight Committee
                                                                                                          may retain an independent
                                                                                                          fiduciary to advise
                                                                                                          the Oversight Committee
                                                                                                          on how to vote or to
                                                                                                          cast votes on behalf
                                                                                                          of the Investment Adviser&rsquo;s
                                                                                                          clients. If the Investment
                                                                                                          Adviser determines not
                                                                                                          to retain an independent
                                                                                                          fiduciary, or does not
                                                                                                          desire to follow the
                                                                                                          advice of such independent
                                                                                                          fiduciary, the Oversight
                                                                                                          Committee shall determine
                                                                                                          how to vote the proxy
                                                                                                          after consulting with
                                                                                                          the Investment Adviser&rsquo;s
                                                                                                          Portfolio Management
                                                                                                          Group and/or the Investment
                                                                                                          Adviser&rsquo;s Legal
                                                                                                          and Compliance Department
                                                                                                          and concluding that
                                                                                                          the vote cast is in
                                                                                                          its client&rsquo;s best
                                                                                                          interest notwithstanding
                                                                                                          the conflict. A copy
                                                                                                          of the Fund&rsquo;s
                                                                                                          Proxy Voting Policy
                                                                                                          and Procedures are attached
                                                                                                          as Exhibit 99.PROXYPOL.
                                                                                                          Information on how the
                                                                                                          Fund voted proxies relating
                                                                                                          to portfolio securities
                                                                                                          during the most recent
                                                                                                          12-month period ended
                                                                                                          June 30 is available
                                                                                                          without charge, (i)
                                                                                                          at www.blackrock.com
                                                                                                          and (ii) on the SEC&rsquo;s
                                                                                                          website at <U>http://www.sec.gov.</U></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;8&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Portfolio Managers of Closed-End Management Investment Companies &ndash; as of April
30, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.7in; text-indent: -30pt">(a)(1) The registrant is managed
by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter O&rsquo;Connor,
Managing Director at BlackRock. Each is a member of BlackRock&rsquo;s municipal tax-exempt management group. Each is jointly responsible
for the day-to-day management of the registrant&rsquo;s portfolio, which includes setting the registrant&rsquo;s overall investment
strategy, overseeing the management of the registrant and selection of its investments. Messrs. Jaeckel and O&rsquo;Connor have
been members of the registrant&rsquo;s portfolio management team since 2006 and 2006, respectively.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 8pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: -0.9pt; padding-left: 0.05in; font-size: 10pt; font-weight: bold">Portfolio Manager</TD>
    <TD STYLE="width: 73%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 3.7pt; padding-left: 0.05in; font-size: 10pt; font-weight: bold">Biography</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: -0.9pt; padding-left: 0.05in; font-size: 10pt">Theodore R. Jaeckel, Jr.</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 0.05in; font-size: 10pt">Managing Director at BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (&ldquo;MLIM&rdquo;) from 2005 to 2006; Director of MLIM from 1997 to 2005.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: -0.9pt; padding-left: 0.05in; font-size: 10pt">Walter O&rsquo;Connor</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-left: 0.05in; font-size: 10pt">Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -30.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 1in; text-indent: -30pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.7in; text-indent: -30pt">(a)(2) As of April 30,
2012:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; padding-bottom: 11pt; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(ii) Number of Other Accounts Managed</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>and Assets by Account Type</B></P>
    </TD>
    <TD COLSPAN="3" STYLE="border: windowtext 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(iii) Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;and</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Assets&nbsp;for Which Advisory Fee is</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Performance-Based</B></P>
    </TD>
  </TR>
  <TR>
    <TD STYLE="width: 22%; vertical-align: bottom; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(i) Name of</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Portfolio Manager</B></P>
    </TD>
    <TD STYLE="width: 13%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0.3pt 0 0; text-align: center"><B>Other</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0.3pt 0 0; text-align: center"><B>Registered</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0.3pt 0 0; text-align: center"><B>Investment</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0.3pt 11pt 0; text-align: center"><B>Companies</B></P>
    </TD>
    <TD STYLE="width: 12%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other Pooled</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Investment</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Vehicles</B></P>
    </TD>
    <TD STYLE="width: 13%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Accounts</B></P>
    </TD>
    <TD STYLE="width: 13%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registered</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Investment</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Companies</B></P>
    </TD>
    <TD STYLE="width: 13%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other Pooled</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Investment</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Vehicles</B></P>
    </TD>
    <TD STYLE="width: 13%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
      <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>Accounts</B></P>
    </TD>
  </TR>
  <TR STYLE="background-color: #CCFFFF">
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; padding-bottom: 11pt">Theodore R. Jaeckel, Jr.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.3pt; padding-bottom: 11pt; text-align: center">65</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
  </TR>
  <TR>
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; padding-bottom: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.3pt; padding-bottom: 11pt; text-align: center">$23.07 Billion</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
  </TR>
  <TR STYLE="background-color: #CCFFFF">
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; padding-bottom: 11pt">Walter O&rsquo;Connor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.3pt; padding-bottom: 11pt; text-align: center">65</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">0</TD>
  </TR>
  <TR>
    <TD STYLE="border: windowtext 1pt solid; vertical-align: top; padding-bottom: 11pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 0.3pt; padding-bottom: 11pt; text-align: center">$23.07 Billion</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: -2pt; padding-bottom: 11pt; padding-left: 5.4pt; text-align: center">$0</TD>
  </TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 11pt 0.7in; text-indent: -30pt">(iv) Potential Material
Conflicts of Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">BlackRock
has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect
against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address
the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential
conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock
furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent
with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or
have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such
fees), which may be the same as or different from those made to the Fund.&nbsp; In addition, BlackRock, Inc., its affiliates and
significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities
whose purchase and sale BlackRock recommends to the Fund.&nbsp; BlackRock, Inc., or any of its affiliates or significant shareholders,
or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended
to the Fund by BlackRock with respect to the same securities.&nbsp; Moreover, BlackRock may refrain from rendering any advice
or services concerning securities of companies of which any of BlackRock, Inc.&rsquo;s (or its affiliates&rsquo; or significant
shareholders&rsquo;) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any
of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic
interest or possesses material non-public information.&nbsp; Certain portfolio managers also may manage accounts whose investment
strategies may at times be opposed to the strategy utilized for a fund.&nbsp; It should also be noted that a portfolio manager
may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long
only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive
fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive
fees of other accounts.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">As
a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly.&nbsp; When BlackRock purchases
or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties.&nbsp;
BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving </P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">preferential
treatment.&nbsp; To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client
transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the
particular investment discipline and client base, as appropriate.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt">(a)(3)&#9;As of April 30, 2012:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><B>Portfolio Manager Compensation Overview</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt">BlackRock&rsquo;s
financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect
the value senior management places on key resources. Compensation may include a variety of components and may vary from year to
year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary
bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 44pt; text-indent: 0pt"><B>Base
compensation.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt">Generally,
portfolio managers receive base compensation based on their position with BlackRock, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt"><B>Discretionary
Incentive Compensation.</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt">Discretionary
incentive compensation is a function of several components: the performance of BlackRock,&nbsp;Inc., the performance of the portfolio
manager&rsquo;s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm&rsquo;s assets
under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual&rsquo;s performance
and contribution to the overall performance of these portfolios and BlackRock.&nbsp; In most cases, these benchmarks are the same
as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are
measured.&nbsp; Among other things, BlackRock&rsquo;s Chief Investment Officers make a subjective determination with respect to
each portfolio manager&rsquo;s compensation based on the performance of the funds and other accounts managed by each portfolio
manager relative to the various benchmarks.&nbsp; Performance of fixed income funds is measured on a pre-tax and/or after-tax
basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers,
such benchmarks for the Fund and other accounts are:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 8pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 3pt; font-size: 11pt; width: 23%">Portfolio Manager</TD>
    <TD STYLE="width: 77%; border: windowtext 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Benchmark</TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 3pt; font-size: 10pt">Theodore R. Jaeckel, Jr.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A combination of market-based indices (e.g., Barclays Capital Muni
        Bond Index,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Standard &amp; Poor's Municipal Bond Index, Barclays Capital Taxable
        Municipal Build America Bonds Index), certain customized indices and certain fund industry peer groups.</P></TD></TR>
<TR>
    <TD STYLE="border: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 3pt">Walter O&rsquo;Connor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A combination of market-based indices (e.g., Barclays Capital Muni
        Bond Index,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Standard &amp; Poor's Municipal Bond Index), certain customized
        indices and certain fund industry peer groups.</P></TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 0pt"><B>Distribution
of Discretionary Incentive Compensation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt">Discretionary
incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units
which vest ratably over a number of years. For some portfolio managers, discretionary incentive compensation is also distributed
in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably
over a number of years. The BlackRock, Inc. restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock.
Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than
60% of total compensation for the portfolio managers. Paying a portion of discretionary incentive compensation in BlackRock stock
puts compensation earned by a portfolio manager for a given year &ldquo;at risk&rdquo; based on BlackRock&rsquo;s ability to sustain
and improve its performance over future periods. Providing a portion of discretionary incentive compensation in deferred cash
awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt"><I>Long-Term
Incentive Plan Awards &mdash; </I>From time to time long-term incentive equity awards are granted to certain key employees to
aid in retention, align their interests with long-term shareholder interests and motivate performance. &nbsp;Equity awards are
generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock.
Messrs. Jaeckel and O&rsquo;Connor have each received long-term incentive awards.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt"><I>Deferred
Compensation Program &mdash; </I>A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred
at their election for defined periods of time into an account that tracks the performance of certain of the firm&rsquo;s investment
products. All of the eligible portfolio managers have participated in the deferred compensation program.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt"><B>Other
compensation benefits.</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt">In
addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate
in one or more of the following incentive savings plans. BlackRock,&nbsp;Inc. has created a variety of incentive savings plans
in which BlackRock employees are eligible to participate, including a 401(k)&nbsp;plan, the BlackRock Retirement Savings Plan
(RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company
match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement
contribution equal to 3-5% of eligible compensation up to the IRS limit ($250,000 for 2012).&nbsp; The RSP offers a range of investment
options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions
follow the investment direction set by participants for their own contributions or, absent participant investment direction, are
invested into an index target date fund that corresponds to, or is closest to, the year in which the participant attains age 65.&nbsp;
The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase
date.&nbsp; Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000
based on its fair market value on the purchase date.&nbsp; Messrs. Jaeckel and O&rsquo;Connor are each eligible to participate
in these plans.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(a)(4)&#9;<I>Beneficial Ownership
of Securities</I> &ndash; As of April 30, 2012.</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; border: windowtext 1pt solid; padding-right: 2.55pt; font-size: 10pt; font-weight: bold; padding-left: 3pt">Portfolio Manager</TD>
    <TD STYLE="width: 57%; border: windowtext 1pt solid; padding-right: 2.55pt; font-size: 10pt; font-weight: bold; text-align: center">Dollar Range of Equity Securities <BR>
of the Fund Beneficially Owned</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-bottom: 11pt; font-size: 10pt; padding-left: 3pt">Theodore R. Jaeckel, Jr.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.55pt; font-size: 10pt; text-align: center">None</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-bottom: 11pt; font-size: 10pt; padding-left: 3pt">Walter O&rsquo;Connor</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 2.55pt; font-size: 10pt; text-align: center">None</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-indent: -41.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">&#9;(b) Not Applicable</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;9&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="padding-left: 6px">Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers &ndash; Not Applicable due to no such purchases during the period covered by this report.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;10&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD>Submission of Matters to a Vote of Security Holders &ndash; There have been no material
changes to these procedures.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17pt; text-align: right">Item&nbsp;11&nbsp;&ndash;&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD>Controls and Procedures</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 11pt 42pt; text-indent: -42pt">Item 12 &ndash; Exhibits attached
hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(a)(1) &ndash; Code of Ethics
&ndash; See Item 2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(a)(2) &ndash; Certifications
&ndash; Attached hereto</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(a)(3) &ndash; Not Applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 50pt; text-indent: 0pt">(b) &ndash; Certifications &ndash;
Attached hereto</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">BlackRock Long-Term Municipal Advantage Trust</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">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">John M. Perlowski</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">BlackRock Long-Term Municipal Advantage
Trust</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">Date: July 2, 2012</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">Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ John M. Perlowski</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">John M. Perlowski</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Chief Executive Officer (principal executive officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">BlackRock Long-Term Municipal Advantage
Trust</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">Date: July 2, 2012</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">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Neal J. Andrews</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Neal J. Andrews</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-indent: 30.25pt">Chief Financial Officer (principal
financial officer) of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 41.75pt; text-indent: 30.25pt">BlackRock Long-Term Municipal
Advantage Trust</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 6pt 41.75pt">Date: July 2, 2012</P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e48944_ex99-cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="vertical-align: baseline"><B>EX-99.
CERT</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.25pt">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: July 2, 2012</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>I have reviewed this report on Form N-CSR of BlackRock Long-Term Municipal Advantage Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: 0in">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: 0in">b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-indent: -0.25pt">Date: July 2, 2012</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>e48944ex99-906.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350, the
undersigned officer of BlackRock Long-Term Municipal Advantage Trust (the &ldquo;Registrant&rdquo;), hereby certifies, to the best
of his knowledge, that the Registrant&rsquo;s Report on Form N-CSR for the period ended April 30, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: July 2, 2012</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt; text-align: justify">Pursuant to 18 U.S.C. &sect; 1350, the
undersigned officer of BlackRock Long-Term Municipal Advantage Trust (the &ldquo;Registrant&rdquo;), hereby certifies, to the best
of his knowledge, that the Registrant&rsquo;s Report on Form N-CSR for the period ended April 30, 2012 (the &ldquo;Report&rdquo;)
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt">Date: July 2, 2012</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This certification is being furnished pursuant to Rule 30a-2(b)
under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR
with the Securities and Exchange Commission.</P>



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

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

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<DOCUMENT>
<TYPE>EX-99.PROXYPOL
<SEQUENCE>4
<FILENAME>e48944_ex99-proxypol.htm
<DESCRIPTION>PROXY VOTING POLICY
<TEXT>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; tab-stops: center 3.0in right 6.0in; text-align: left; vertical-align: top">Exhibit 99.PROXYPOL</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">Proxy Voting Policy<BR>
        <FONT STYLE="font-size: 10pt">July 1, 2011</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in"><BR>
<BR>
<IMG SRC="blackrocklogo.jpg" ALT=""><FONT STYLE="font: 9pt Arial; color: Red"><B><BR>
</B></FONT><FONT STYLE="font-size: 14pt">U.S. Registered Funds</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;<IMG SRC="image_001.gif" ALT="" STYLE="width: 700px"></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in"><IMG SRC="blackrocklogo.jpg" ALT=""><BR>U.S. Registered Funds</TD>
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="color: #7C1E3F; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">I.&#9;INTRODUCTION</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The Trustees/Directors (&ldquo;Directors&rdquo;) of the BlackRock-Advised
Funds (the &ldquo;Funds&rdquo;) have the responsibility for voting proxies relating to portfolio securities of the Funds, and have
determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock Advisors,
LLC and its affiliated U.S. registered investment advisers (&ldquo;BlackRock&rdquo;), the investment adviser to the Funds, as part
of BlackRock&rsquo;s authority to manage, acquire and dispose of account assets. The Directors hereby direct BlackRock to vote
such proxies in accordance with this Policy, and any proxy voting guidelines that the Adviser determines are appropriate and in
the best interests of the Funds&rsquo; shareholders and which are consistent with the principles outlined in this Policy. Individual
series of the Funds may be specifically excluded from this Policy by the Directors by virtue of the adoption of alternative proxy
voting policy for such series. The Directors have authorized BlackRock to utilize unaffiliated third-parties as its agents to vote
portfolio proxies in accordance with this Policy and to maintain records of such portfolio proxy voting.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Rule 206(4)-6 under the Investment Advisers Act of 1940 requires,
among other things, that an investment adviser that exercises voting authority over clients&rsquo; proxy voting adopt policies
and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, discloses to its
clients information about those policies and procedures and also discloses to clients how they may obtain information on how the
adviser has voted their proxies.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">BlackRock has adopted guidelines and procedures that are consistent
with the principles of this Policy. BlackRock&rsquo;s corporate governance committee structure (the &ldquo;Committee&rdquo;), oversees
the proxy voting function on behalf of BlackRock and its clients, including the Funds. The Committee is comprised of senior members
of BlackRock&rsquo;s Portfolio Management and Administration Groups and is advised by BlackRock&rsquo;s Legal and Compliance Department.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">BlackRock votes (or refrains from voting) proxies for each
Fund in a manner that BlackRock, in the exercise of its independent business judgment, concludes is in the best economic interests
of such Fund. In some cases, BlackRock may determine that it is in the best economic interests of a Fund to refrain from exercising
the Fund&rsquo;s proxy voting rights (such as, for example, proxies on certain non-U.S. securities that might impose costly or
time-consuming in-person voting requirements). With regard to the relationship between securities lending and proxy voting, BlackRock&rsquo;s
approach is also driven by our clients&rsquo; economic interests. The evaluation of the economic desirability of recalling loans
involves balancing the revenue producing value of loans against the likely economic value of casting votes. Based on our evaluation
of this relationship, BlackRock believes that the likely economic value of casting a vote generally is less than the securities
lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would
not be affected by BlackRock recalling loaned securities in order to ensure they are voted. Periodically, BlackRock analyzes the
process and benefits of voting proxies for securities on loan, and will consider whether any modification of its proxy voting policies
or procedures are necessary in light of any regulatory changes.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">BlackRock will normally vote on specific proxy issues in accordance
with BlackRock&rsquo;s proxy voting guidelines. BlackRock&rsquo;s proxy voting guidelines provide detailed guidance as to how to
vote proxies on certain important or commonly raised issues. BlackRock may, in the exercise of its business judgment, conclude
that the proxy voting guidelines do not cover the specific matter upon which a proxy vote is requested, or that an exception to
the proxy voting guidelines would be in the best economic interests of a Fund. BlackRock votes (or refrains from voting) proxies
without regard to the relationship of the issuer of the proxy (or any shareholder of such issuer) </P>

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                                                                                                                                                                                                                Voting
                                                                                                                                                                                                                Policy
                                                                                                                                                                                                                <BR>
                                                                                                                                                                                                                </B>July
                                                                                                                                                                                                                1,
                                                                                                                                                                                                                2011</TD><TD STYLE="text-align: right; width: 50%">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --> of 3</TD></TR></TABLE></DIV>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in"><IMG SRC="blackrocklogo.jpg" ALT=""><BR>U.S. Registered Funds</TD>
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">to the Fund, the Fund&rsquo;s
affiliates (if any), BlackRock or BlackRock&rsquo;s affiliates. When voting proxies, BlackRock attempts to encourage companies
to follow practices that enhance shareholder value and increase transparency and allow the market to place a proper value on their
assets.</P>

<P STYLE="color: #7C1E3F; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">II.&#9;PROXY VOTING POLICIES</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">A.&#9;Boards of Directors</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The Funds generally support the board&rsquo;s nominees in the
election of directors and generally support proposals that strengthen the independence of boards of directors. As a general matter,
the Funds believe that a company&rsquo;s board of directors (rather than shareholders) is most likely to have access to important,
nonpublic information regarding a company&rsquo;s business and prospects, and is therefore best-positioned to set corporate policy
and oversee management. The Funds therefore believe that the foundation of good corporate governance is the election of responsible,
qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and oversee management
of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, consideration may be
given to a director nominee&rsquo;s history of representing shareholder interests as a director of the company issuing the proxy
or other companies, or other factors to the extent deemed relevant by the Committee.</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">B.&#9;Auditors</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">These proposals concern those issues submitted to shareholders
related to the selection of auditors. As a general matter, the Funds believe that corporate auditors have a responsibility to represent
the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management.
While the Funds anticipate that BlackRock will generally defer to a corporation&rsquo;s choice of auditor, in individual cases,
consideration may be given to an auditors&rsquo; history of representing shareholder interests as auditor of the company issuing
the proxy or other companies, to the extent deemed relevant.</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">C.&#9;Compensation and Benefits</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">These proposals concern those issues submitted to shareholders
related to management compensation and employee benefits. As a general matter, the Funds favor disclosure of a company&rsquo;s
compensation and benefit policies and oppose excessive compensation, but believe that compensation matters are normally best determined
by a corporation&rsquo;s board of directors, rather than shareholders. Proposals to &ldquo;micro-manage&rdquo; a company&rsquo;s
compensation practices or to set arbitrary restrictions on compensation or benefits should therefore generally not be supported.</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">D.&#9;Capital Structure</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">These proposals relate to various requests, principally from
management, for approval of amendments that would alter the capital structure of a company, such as an increase in authorized shares.
As a general matter, the Funds expect that BlackRock will support requests that it believes enhance the rights of common shareholders
and oppose requests that appear to be unreasonably dilutive.</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt"></P>

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                                                                                                                                                                                                                Voting
                                                                                                                                                                                                                Policy
                                                                                                                                                                                                                <BR>
                                                                                                                                                                                                                </B>July
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in"><IMG SRC="blackrocklogo.jpg" ALT=""><BR>U.S. Registered Funds</TD>
    <TD STYLE="width: 50%; font: 10.5pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">E.&#9;Corporate Charter and By-Laws</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">These proposals relate to various requests for approval of
amendments to a corporation&rsquo;s charter or by-laws. As a general matter, the Funds generally vote against anti-takeover proposals
and proposals that would create additional barriers or costs to corporate transactions that are likely to deliver a premium to
shareholders.</P>

<P STYLE="font: bold 13pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">F.&#9;Environmental and Social Issues</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">These are shareholder proposals addressing either corporate
social and environmental policies or requesting specific reporting on these issues. The Funds generally do not support proposals
on social issues that lack a demonstrable economic benefit to the issuer and the Fund investing in such issuer. BlackRock seeks
to make proxy voting decisions in the manner most likely to protect and promote the long-term economic value of the securities
held in client accounts. We intend to support economically advantageous corporate practices while leaving direct oversight of company
management and strategy to boards of directors. We seek to avoid micromanagement of companies, as we believe that a company&rsquo;s
board of directors is best positioned to represent shareholders and oversee management on shareholders behalf. Issues of corporate
social and environmental responsibility are evaluated on a case-by-case basis within this framework.</P>

<P STYLE="color: #7C1E3F; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">III.&#9;CONFLICTS MANAGEMENT</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">BlackRock maintains policies and procedures that are designed
to prevent any relationship between the issuer of the proxy (or any shareholder of the issuer) and a Fund, a Fund&rsquo;s affiliates
(if any), BlackRock or BlackRock&rsquo;s affiliates, from having undue influence on BlackRock&rsquo;s proxy voting activity. In
certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard against potential
conflicts of interest or as otherwise required by applicable law. The independent fiduciary may either vote such proxies or provide
BlackRock with instructions as to how to vote such proxies. In the latter case, BlackRock votes the proxy in accordance with the
independent fiduciary&rsquo;s determination.</P>

<P STYLE="color: #7C1E3F; font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt">IV.&#9;REPORTS TO THE BOARD</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">BlackRock will report to the Directors on proxy votes it has
made on behalf of the Funds at least annually.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&copy;2011 BlackRock</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

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